In an update for the six months to 30 June 2021, SEEEN (SEEN) reported a 39% year-on-year revenue increase and secured its largest technology customer to date.
The artificial intelligence-focused global media and technology platform said it saw 1H21 revenues increase by 39% to $5.1m compared to $3.9m in 1H20. Meanwhile, revenues per thousand venues increased by 45% to $1.14m but overall views declined 7% to 7.9 billion.
Over the period, the Group’s pre-tax losses narrowed to $0.9m down from $1.1m in 1H20 as the firm executed the first half of a three-year plan which saw it deploy Enterprise Investment Scheme (EIS)/Venture Capital Trusts (VCTs) resources into its video moments technology.
The Group secured its largest technology customer win to date over the period which included securing revenues of up to $0.1m from the implementation of its ‘CreatorSuite’ platform.
In May 2021, the Company launched a new product, Dialog-To-Clip, for sale to video creators on Adobe®'s app store, which brought SEEEN's "Key Video Moments" technology to approximately 10 million users of the Adobe® Premiere Pro® video editing platform.
At the time, the Company stated that as part of its proposed Go-to-Market plan, it would be "rolling out additional video technology products to its target customer base starting in 2Q21.
Dr Patrick DeSouza, Chairman, commented: "We have executed the first half of our three-year plan, deploying EIS/VCT resources in building our video moments technology. We are now shifting towards a priority on sales and building our Go-To-Market team."
Shares in SEEEN have increased by nearly 30% in value since the beginning of 2021. The stock was trading flat at 42.03p during late morning trading following the announcement.
Looking ahead, the Company plans to continue its expansion of the sales team to execute on customer opportunities within its product portfolio, including for CreatorSuite and Jetstream.
It also intends to complete deployment of remaining EIS/VCT funds to refine product following strong data from initial market testing with both customers and MCN affiliated creators as well as to evaluate further acquisition opportunities for accelerating its Go-To-Market strategy.
SEEEN added that Scott Schlichter, President of the Group's MCN business to step down from the Board and management with immediate effect ‘to pursue other career opportunities.’
Jake Desjarlais, who has helped operate the MCN since 2020 and has significant professional experience in growing both MCNs and YouTube channels, is to assume leadership of MCN.
Addressing shareholders, DeSouza said the Company has a strong capital base for the next part of its corporate journey. “We appreciate the support of our shareholders in building a world-class team given the rapid growth of demand for relevant short form video,” he added.
The Group expects to publish Interim financials in the second half of September 2021.
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