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Highlights:

  • MIRI enters two-year agreement with MBC for exclusive virtual product placement services
  • Mirriad H1FY25 revenue at GBP 0.2 million, with equal contributions from US and EMEA
  • Company reduces monthly run rate costs to GBP 220,000, exceeding cost-cutting targets

Mirriad Advertising PLC (LSE:MIRI), a UK-based developer of virtual product placement (VPP) technology, has entered into a services agreement with MBC Media Solutions FZ-LLC (MBC), the commercial arm of MBC Group. Alongside the agreement, Mirriad also provided an update on trading performance for the first half of the 2025 financial year. Under the new agreement, Mirriad will offer its VPP services exclusively to MBC for an initial two-year period. MBC Group, headquartered in the UAE, is a leading satellite broadcaster in the Middle East and North Africa (MENA) region and operates numerous entertainment and news channels, including linear and subscription video-on-demand (SVOD) content platforms. The agreement includes minimum annual purchase commitments of 4,000 seconds of branded, in-content advertising equating to around USD 370,000 in annual revenue for Mirriad, subject to certain conditions. The company will integrate branded placements within MBC’s programming, allowing advertisers to execute campaigns across a wide range of shows and distribution channels.

This new contract builds on a prior collaboration between the two companies. According to Mirriad, the arrangement provides a framework for scaling virtual advertising campaigns across the region. MBC will have access to Mirriad’s non-intrusive in-video advertising technology, which embeds branded content directly into filmed media, avoiding traditional commercial breaks. The agreement reaffirms MBC's exclusive use of Mirriad's VPP solution during the initial term. The collaboration is expected to provide advertisers with campaign planning capabilities across various verticals within MBC’s distribution platforms. Commenting on the announcement, CEO Louis Wakefield noted the prior success of working with MBC and welcomed the opportunity to re-engage in a formal partnership focused on long-term campaign scalability within the MENA media landscape.

For the six months ending 30 June 2025, Mirriad reported unaudited revenue of approximately GBP 0.2 million, with roughly equal contributions from the US and EMEA markets. The company’s cash balance at the end of June stood at GBP 2.4 million. Mirriad stated that it has successfully reduced its operational costs, with current monthly run-rate expenses of approximately GBP 220,000— GBP 30,000 lower than the target set during the company’s May 2025 fundraising. The trading update provided no forward guidance.

While the revenue generated from the MBC agreement will depend on execution and delivery of in-content branded seconds, the company views the renewed relationship as an opportunity to further commercialise its technology in the MENA region.