Mirriad Advertising (MIRI ), the in-content advertising company, announced it has partnered with Harmonic to augment the former's dynamic brand insertion solution.
Mirriad's proprietary technology enables broadcasters to target audiences with in-content advertising. Harmonic is a leader in virtualised broadband and video delivery, enabling service providers to deliver high-quality video streaming and broadcast services to customers globally.
As a result of the partnership, Mirriad's virtual product placement insertion technology will be integrated with Harmonic's VOS360 SaaS. Harmonic said it will showcase the integrated solution at the 2023 NAB Show in Las Vegas.
Separately, Mirriad announced it has withdrawn its formal sale process after discussions with interested parties did not yield a suitable offer by Mirriad's previously announced deadline of early April.
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Mirriad's partnership with Harmonic marks an important milestone in the evolution of Mirriad's in-content dynamic ad insertion solution. Integrating Mirriad's technology into Harmonic's SaaS will give the former access to a much broader client roster of broadcasters and video providers. It will also provide agility, resiliency, security, and scalability benefits to Mirriad's product.
The partnership should yield higher revenues for both companies, as it will enable their customers to monetise content more effectively without having to increase the frequency of ads.
Despite terminating the search for a potential investment or acquisition, Mirriad remains funded until at least Q3 with £7.52m in cash, and is currently considering additional fundraising.
As streaming opens up to advertising, Mirriad's patented platform is well-placed to benefit from the needs of a global advertising industry that is facing challenges of ad-skipping, dwindling viewer attention, and oversaturation of limited ad space. Data has shown that in-content ad insertion increases advertisers' reach by 24% on average.
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