Shares jump by a fifth as Bidstack signs two year deal with Azerion
Advertising company Bidstack has seen shares jump 20 per cent after it announced a deal with digital entertainment platform Azerion.
Through the two year partnership in-game advertiser Bidstack will provide Azerion, a pan-European digital entertainment and media platform, with exclusive access to its advertising formats. Bidstack, which has seen shares jump by 21.88 per cent today, advertises brands to gamers while they play in virtual worlds allowing game developers to monetise their titles whilst giving advertisers a presence in an increasingly popular form of entertainment.
James Draper, Bidstack Founder and chief executive commented on the partnership with Azerion. He said, “this contract signals a realisation that brand advertising within the metaverse has truly arrived. Since our pivot into gaming in 2017, we have embedded a culture of no-shortcuts into the formation of in-game advertising as a new channel.
“We expect this to be just the start of a long and deep relationship with Azerion as both companies have strong ambitions within the digital entertainment and media space,” he continued.
In a separate trading update Bidstack confirmed that recent commercial agreements have secured the company a guaranteed revenue stream of $30m in advertising spend over two years. However, the company warned that in the short term, before the partnership kicks in, revenues for the 2021 financial year are expected to fall short of market expectations.
Bidstack is expecting to end the year with £7m in cash while gross and net profit are on track to meet market forecasts.
Umut Akpinar, the co-founder and chief executive of Azerion said: “With this exciting partnership, we allow brands to explore new advertising frontiers in premium and brand-safe inventories, while connecting seamlessly with consumers through impactful and immersive experiences.
“At Azerion, we believe that the future is digital entertainment. This new partnership is perfectly aligned with our vision for the upcoming years,” he added.
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