Bidstack ‘pleased with progress’ as demand soars
In-game advertiser, (AIM:BIDS ), has told investors it is pleased with its progress as the industry continues to see rising demand amid the coronavirus pandemic.
The AIM-listed group, which expects to hold its AGM later today, has secured a range of new partnerships in recent weeks and has seen increasing demand from the major ad agencies.
Disruption to the advertising industry has seen buyers following audience demand and getting in front of the increasing numbers of consumers turning to video gaming as an alternative, the group detailed this morning.
“The company has received its first advertising bookings from the US as well as its first bookings from its network of approved local agencies in Europe, Africa and South America,” said James Draper, Chief Executive of Bidstack.
“Although initial spends have been small, the company has run campaigns for many international brands including Activision Blizzard, Audi, BBC, Football Index, JBL, MG Motors, Penguin Random House, Shell, Subway, Unilever, Vodafone, VW and Warner Music,” he added.
Shares in Bidstack were trading 14.63% higher at 5.875p on Thursday morning.
Bidstack said it is making progress to be ready for the next generation of consoles, Sony Playstation 5 and Microsoft’s Xbox Series X, which are expected to be launched this year.
The group’s directors said they believe that the new streaming platforms are likely to be major players in the future of high- fidelity gaming and will capture the extensive secondary viewing market.
Draper also highlighted the progress of the software development kit ("SDK"), which enables the group’s in-game ad placement, and said it supports the majority of platforms in the market.
“The company remains confident that it is making material progress in its approach to building a strong foundation on which to grow and create value for shareholders,” he said.
Draper noted that the Board continues to expect revenues for 2020 to be “very significantly second half weighted” and in line with market expectations for the year.
He added, “In the meantime the Board remains focused on careful management of the company's existing cash resources and expected trading and non-trading cash receipts as it continues to grow the business."
Follow News & Updates from :
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.