Mirriad Advertising PLC (AIM:MIRI, OTCQX:MMDDF) has entered into a two-year services agreement with MBC Media Solutions FZ-LLC. MBC is the advertising arm of MBC Group, a satellite broadcasting company operating in the Middle East and North Africa.
Under the deal, Mirriad will deliver virtual in-video advertising services across MBC’s subscription and linear platforms.
It sees a minimum purchase commitment of 4,000 seconds of integrated brand content per year – to generate at least US$370,000 annually.
Mirriad will be the exclusive virtual product placement provider for the initial contract term.
"Together with MBC, we've previously built out a compelling model for brands to scale virtual placement campaigns and planning in the Middle East, and it's great to renew and now formalise our partnership with a fresh sense of possibility with new offers in the region,” said chief executive Louis Wakefield.
In London, Mirriad shares rallied some 22% on Friday, trading up to 0.017p at one point, adding fresh impetus in what has been a challenging period for the adtech firm.
Previously, in June, Mirriad announced that Zeus Investment Management has acquired a significant stake in the company (just shy of 9%) and, in May, the firm secured £1.5 million of rescue funding after fears over its liquidity.