Mirriad Advertising (AIM:MIRI ) has today announced the launch of the Music Alliance where it will partner with globally renowned record labels such as Red Light Management and prominent UK-based label B-Unique Records to place high profile brands into music content. 

The in-video advertising company said the music alliance, which will see the group work with music labels such as Red Light Management, the largest independent music management company in the world, will bring brands immediate access to over a thousand global artists. 

Following Mirriad's milestone agreement in October 2020 with one of the largest and best-known US-based content producers and distributors, the group said today’s launch demonstrates the flexibility of its technology and its ability to easily reach into new sectors. 

The Music Alliance offers ‘a new solution’ to the major challenges faced by both the music industry and marketers, Mirriad explained. For artists, Mirriad has created a revenue generation platform that ‘reflects and respects’ the value of each artist’s work, it noted. 

The alliance is intended to help artists sell brand integrations across their videos and content, ‘a potentially significant source of earnings’ for artists who create and own their content. Mirriad said the alliance will also offer a new route to marketers to engage their audiences. 

Mirriad said the offering comes at ‘a particularly important moment for the music industry’. The ongoing COVID-19 pandemic means the music sector must seek new ways to monetise output as revenues from live performance and merchandise sales come under pressure. 

Shares in Mirriad Advertising have soared in value by over 85% since September 2020 to open 4.29% higher at 36.5p this morning following the announcement. 

“The creative arts are currently facing unprecedented challenges and securing new sources of revenue through a scaled collaboration with advertisers and their agencies is the most powerful answer we can give,” said Stephan Beringer, Chief Executive of Mirriad. 

Beringer said Mirriad has been preparing for a strategic expansion into the music sector for “some time” and that today’s  launch of the Music Alliance highlights the scale of its ambition.  

He added, “In contrast to traditional endorsement and placement deals, we have the ability to cross genres, artists and context, opening new income opportunities to both established and up-and-coming artists.” 

"Mirriad's technology addresses the challenges of monetising content while putting the artists first, giving them greater control in the direction and nature of partnerships within their content,” said James Sandom, Managing Director of Red Light Management in the UK. 

"We've had the pleasure of working with Mirriad to create a proof of concept video with the band Kodaline, and were incredibly proud of the result, which was notably created entirely in lockdown,” added Martin Toher, Co-founder of B-Unique, the London-based record label. 

He added, “That experience showed us the worth, creativity and seamlessness Mirriad's technology provides. It's going to be an invaluable tool for the industry that's seeking lucrative and dynamic opportunities to support its artists." 

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