 It seems bizarre. Yellowstone is renowned for its product placement and has done very well out of it in prior seasons so why would they decide the complication of adding brands in post production? There are of course many agencies who specialise in it and will know the series/movies target audience and whether the show is a fit for particular brands. Also brands will agree to deals and have visibility on what other brands will feature. Dropping in additional brands post production an added hassle from a sales point of view (in selling PP pre and during production) and as TBTT mentions even more tricky getting all the stakeholders on board. The 2 posters on LSE have seen a brand on it that Mirriad has worked with but of course the brand will work with a traditional PP agency and surely that's the case. The fact they only secured £390k H1 and could be as poor as £610k H2 (or up to £1.61m) suggests they haven't got a lot booked in so Yellowstone as a client more than hopeful. They also think programmatic will be the saviours (I used to think so too) but it simply can't work with the number of permissions needed for sign off unless very small jobs. They'll clearly have the begging bowl out early next year (if not before) so if they can get a raise away it'll be another large discount and billions of shares. H1 always slow and they'd be mad to leave to Q2 to sort cash unless CEO knows it won't happen so will do it last minute in order to continue collecting his £40k a month. |
The company shills are now pumping a "link" to Yellowstone (the TV series) on the other board.
This is flat-out fantasy - and laughable to anybody actually in the know. It is legally impossible to place product in post-production in a unionised American TV show without the agreement of all key creatives, and this will not happen without huge payments to all involved and a tortuous and expensive negotiating process.
In fact, it is this problem which is exactly why MIRI have almost no addressable market and no real chance of commercial success.
MIRI is a sucker stock. Its only meaningful source of revenue is printing shares to sell to gullible PIs. |
It's quite remarkable how LOTM can't or won't understand that MIRI have almost no addressable market.
Programmatic is neither here nor there. It doesn't alter the legal difficulties.
Into what valuable content are MIRI going to insert their adverts? That's the question that needs a clear and concise answer.
I believe MIRI are avoiding answering it because in fact there is almost none.
As for a raise, (if they can get one away), I'm willing to bet that it won't come later than February. It will have to be massively dilutive, of course, given the current mcap and the need to raise a substantial sum so the accounts can be signed off.
In short, this company is dying. |
And you are trying to entice new investors in to this shambles. |
LL,
I note you used TBTT's post from advfn instead of questioning the cash position yourself, until your 10:52 post.
If you had actually spent 5 mins doing a little digging around (& possibly you did then decided to ignore it for your own agenda) you'd know that Mirriad has one of the simplest & uncomplicated balance sheets out, no non-current liabilities whatsoever (see interim report or annual report for that matter).
Total current liabilities at the end of June amounted to £2M. Total current assets at the same time amounted to £10.16M with £8.291M of that in cash or cash equivalent.
Thus trade & other receivables + other current assets virtually cancel out the total current liabilities ( a short fall of just under £0.2M) For transparency the difference was +£0.4M at the end of Dec 2023.
Cash burn has actually been less than I expected it to be at less than £2.3M over the 4 month's (with as you've constantly pointed out virtually no income coming in from the 1st half of 2024 during that time period). That's under £600K a month over the period.
So certainly enough cash on the books to prove before the middle of May whether this business model works or not.
Unless of course there is some significant mystery costs that are going to appear that TBTT & yourself know about that no-one else does? but I highly doubt it given the simplicity of the accounts.
LOTM |
Now that I'm home again lets start to deal with all of these posts!
I will re-iterate I am far from happy with what's been said.
End to End Programmatic has been a complete lie. They signed off the annual report on 3rd June, in which it stated it would be up & running & generating a little revenue in Q2. 25 Days later we're told its been delayed.
At the AGM we were told, it was like the channel tunnel, Mirriad had done there part & handed over the equipment to the the other side & they could hear them coming!
21 weeks later its still not up & running & I won't believe a word of this "its going to be done this quarter" until it is officially announced as such.
Clearly the Political advertising opportunity didn't bring in any revenue, so we need to find out the reason behind that.
Why have a number of contracts been cancelled what is the reason behind that ?
I emailed them in early October emphasizing the need for the board to contact the major Brand/Multinationals to find out what was holding them back from using VPP, doesn't look like that has happened or if it did was listened to. Will be digging into that a lot more.
No mention of Measurement & ispot in the announcement which is very disappointing indeed.
I can only assume for now that in the 20 Days since it was announced there has been no significant increase in inquires or campaigns being run.
Again you have to ask why is that the case.
There are a lot of questions & not many proper answers that's for sure.
Including the role of the sales / ad departments within the major content providers who were meant to be taking on the selling role & ad partnerships that don't seem to be delivering either. Clearly none of that is working as it was meant to. Sadly more missteps in the process that started with moving to quickly away from Manual mode before Programmatic was anywhere near ready to go.
Does this 3rd revenue warning really change the dynamics, not really other than shortening their time window to prove the business model actually works.
The priority is getting End to End Programmatic finally working with at least one Major content provider & then adding others as quickly as we can.
Only at that point will we have a true idea of the task at hand & whether the business model has any chance of success with both end to end Programmatic & Measurement in place & functioning as they should.
LOTM |
I am wary of companies that describe themselves as "international", "world leading", "cutting edge" etc. They are actually failing small companies pretending to be giants. |
Programmatic is as worthless as the rest of MIRI's "offer".
The problem is rights, and it has (except for tiny niche applications) no solution.
Also, MIRI will have a great deal less "free" money, in reality, than the cash position quoted. Most of that 6m cash as of end October will be owed to suppliers or already contractually committed. And with almost no revenue coming in the door, MIRI will either have to raise shortly or apply for administration.
Another AIM company bites the dust! |
6m cash as of end of Oct. They had that as at end of Dec last year. Audit will need 12 months cash to sign off accounts. A raise needed if they can get one away. |
Same business trajectory and chart pattern as BIDS.
The outcome will be the same too - shareholders lose everything and management walk off with any IP (which lets face it is virtually worthless - it will allow them to continue the grift though). |
If you're an employee of MIRI and you see that RNS, then there's only one conclusion to be drawn: start looking for a new job. |
Shareholders will never see any cash -
£6mill left and a party still flowing - |
Everybody should subscribe to stockopedia and look at the details of the stock they are thinking of investing in. If it says ‘sucker stock’ don’t invest in it. |
The CEO will be keen to take his £40k a month until cash has gone. As TBTT said it is niche. The moron on LSE phevs posted the below thinking it was positive when it highlights majors media owners are not able to do as much as more permissions needed to drop brand in post production. In addition, the company has incorporated new options such as Product Placement, which allows brands to be integrated into content in a more natural way. Islava points out that, thanks to the fact that Canela Media owns the rights to its platform and its content, "they can position brands at the right times, within the programs that the audience is watching, whether it is a reality show, a sports program or a newscast." "This gives us a competitive advantage over other competitors that do not have this flexibility," he added. |
The sensible thing to do here is to liquidate the company and return what’s left to shareholders. |
Yep, that's pretty disastrous. Nobody wants what MIRI offers - simple as that.
Note cash figure does not account for trade payables - money owed to suppliers but not yet paid. If you included that the liquidity position would presumably be a good deal worse.
Either a big discounted raise in the New Year or straight up bankruptcy.
I can't help thinking AIM would be better off without this company. |
Oh dear gerbils. Another profit warning. except in miri's case it's another even bigger loss warning |
legal angst rns |
Trading updateToday 07:09Mirriad has at last don't as promised and with a Q4 trading update. I wonder how much money was generated from US elections as LOTM suggested. Surely they'll be nearer top end of £3m guidance with all the LinkedIn activity.Trading updateMirriad (AIM: MIRI), a leading in-content advertising company, announces the following trading update for the twelve months ending 31 December 2024.As noted in the announcement of interim results on 23 September 2024 (the "H1 Results"), the Company had not been successful in the US "Upfronts" negotiations and that it was therefore reliant on its traditional routes to market, notably the "scatter" markets. Progress in those markets since then has been slower than expected, with advertiser demand in the US affected by election uncertainty, further decreasing demand for advertising in linear TV, and continuous emphasis on performance and retail media solutions. A number of significant potential contracts have been cancelled and progress on others has been slow.The Company also announced in the H1 Results that it was holding substantive discussions with large global agency groups to work on partnerships to give their clients access to virtual product placement content clusters packaged around seasonal events and specific contextual parameters. These discussions are active and could still result in substantial revenue in Q4 but are dependent on the agencies and supply partners agreeing the terms for these packages.On programmatic, good progress has been made and a Q4 launch is being targeted, though some technical hurdles remain. In any event, a successful launch of programmatic is not likely to generate significant revenue in the current year.As a result of the above, revenue expectations for the year fall in a broad range from £1m to £2m, with the upper end of that range dependent on the partnership deals referenced above.Substantial progress has been made on cost saving initiatives, both as previously announced as well as new initiatives, and the Group run rate cost base is now c. £8m on an annualised basis. This compares to c. £11.7m in 2023. Cash at the end of October 2024 was just over £6.0m. |
TBTT by your own admission you backed down on Extreme Reach not knowing who they are because you've been out the business for 10 years things have moved on including something called AI enjoy your retirement by researching new things over the past 10 years with all due respect |
You're a paid company shill, not an investor, aren't you? It's obvious, really.
I've explained this many times - product placement whilst filming happens.
It's tedious to negotiate (all parties must agree) but it is a real thing. Especially for romcoms and family movies and big tentpole pics.
Product placement in a finished completed work is a near impossibility, legally speaking. Miriad have no significant addressable market, which is why the company produces almost no revenues and never will. End of.
You will now swamp this post with about twenty posts of utter drivel, thereby fulfilling your work quota. |
New LinkedIn post
Even naming quite a few of our Diverse Market Place Partners in it.
LOTM |
TigerByTheTail,
You've returned.
You've quite a few posts to read through since your last visit.
That C4 testimony I think your referring to came from them in 2022 & they obviously paid Mirriad for the work done. Isn't that what it all about at the end of the day getting paid ?
As I said Mirriad are doing 23 of 25 programmes this year for C4.
-------------------------------
So would you say Kevin Costner is one of the big names in the industry you were talking about?
He was part of "Yellowstone" which apparently has quite a few product placements in it, might even have some VPP's in it!
LOTM |
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