Mirriad Advertising is revising its strategy because of the failure to exploit its advertising technology.
Mirriad has confirmed that the embedded video advertising technology has a large and growing potential market and is liked by consumers.
The problem has been a lack of focus on media agencies and brands, along with a scattergun approach. This has led to the exit from its operations in Brazil and India. Other countries and regions are being restructured.
The plan is to engage with clients and brands in the US, UK, Germany, France and China. Attracting partners will help to scale up the business.
The share price fell by more than one-third to 6.25p. The company is valued at £6.6m, which is less than half the cash balance at the end of 2018. Admittedly, the cost base is not going to be flat at best, and although revenues have grown, they are still relatively small. That means that the cash could be nearer to the market capitalisation by the end of 2019.
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