The AI-focused media and technology platform SEEEN (SEEN ) said its business has gained additional traction with B2B sales for its AI offerings following a string of recent contract wins.
The Company, which has recently secured contracts from some large publishers - including one unnamed ‘major global publisher’ - and a professional sports team, said the wins build upon its 3Q results and provides momentum for the group to finish 2021 ‘in strong fashion.’
SEEEN, formerly Entertainment AI, is a UK-based company that provides social media and technology platforms. Its platform connects and targets creators, audiences and brands, enabling users to share video moments “to enable discovery, sharing and e-commerce.”
The Company explained how its ‘Key Video Moments’ offering can enable its customers to achieve higher revenue yield from digital marketing spend and to gain e-commerce opportunities as audiences focus on the relevant “moment” to make purchase decisions.
SEEEN’s multichannel video network business unit (“MCN”), which it describes as a ‘valuable test-bed’ for its products, continues to drive revenue as a standalone business, it noted. It said MCN is showing greater revenue yield from its audience views amid stronger engagement.
Amongst its recent contract wins, SEEEN said it has signed a commercial agreement with ‘a major global publisher’ which attracts consumer audiences interested in current events.
Shares in SEEEN were trading 7.41% higher this morning at 28p following the update.
Under the terms of the deal, the publisher will use SEEEN’s video technology and expertise to optimise its video collection to both increase viewership and generate improved YouTube ad revenue from more relevant Key Video Moments and higher audience engagement, it noted.
SEEEN’s AI technology will automate the production of relevant moments from the publisher’s library while its Jetstream offering will be able to create new videos and video streams leading to enhanced engagement and advertising revenues, including for YouTube shorts.
The company said this contract win builds on its strategy to sell to publishers. After recently gaining a financial markets publisher as a customer, SEEEN said further discussions are underway with several other publishers, including legacy print and web publishers.
SEEEN has also signed its first professional sports club to add content and viewers to its MCN which is already known for sports and automotive content. Similar to its Rugby World Cup pilot, its technology can drive e-commerce and merchandising opportunities, it noted.
In a trading update for its third quarter (the 9 months to 30 September 2021) SEEEN’s revenues rose by 8% to US$7m, with profit before tax in line with market expectations.
The Group reported a ‘strong’ balance sheet with $3m of net cash. Looking ahead, it expects the customer wins secured in 2021 to drive increased revenues in the next financial year.
Dr Patrick DeSouza, Chairman of SEEEN said the recent contract wins will enable the Group “to add referenceable customers in order to accelerate further wins from our sales pipeline.”
He added, “We look to grow our video technology platform organically through deploying our AI product offerings through our MCN and to publishers and brands. We also look to be opportunistic to add shareholder value through accretive acquisitions since global consumer demand for the consumption of Key Video Moments is showing a significant increase.”
Follow News & Updates fromSEEEN: