Magnite, Inc. reports news on its independent sell-side advertising technology business, where publishers use its platform to monetize content across CTV, online video, display, audio and other digital formats. Company updates commonly cover CTV and DV+ performance, contribution ex-TAC, adjusted EBITDA, free cash flow expectations and capital actions such as stock repurchase programs.
Recurring developments also include publisher and media-owner partnerships, programmatic access to premium inventory, and product updates for SpringServe and ClearLine. Magnite news also addresses AI-supported workflow, mediation, curation and buying tools, along with executive transitions, financial conference participation and legal or competitive developments in the ad tech market.
Blitz, a leading gaming analytics platform, has chosen Magnite (NASDAQ: MGNI) as its preferred SSP to streamline its programmatic advertising strategy. This decision follows a successful partnership that saw Blitz's gross revenue grow triple-digit percent on Magnite's DV+ SSP in the first half of 2024. By centralizing all programmatic deals through Magnite, Blitz aims to provide advertisers with more efficient access to its diverse audience across multiple countries.
Blitz offers real-time insights and improvement tools for popular games like Fortnite, League of Legends, and Valorant. The platform serves millions of engaged gamers worldwide and is recognized as the top source of diverse-owned media according to Jounce Media's analysis. This collaboration allows Blitz to focus on core product development while leveraging Magnite's expertise in advertising monetization.
Magnite (Nasdaq: MGNI), the largest independent sell-side advertising company, has announced its participation in several upcoming financial conferences. The executive team will host in-person investor meetings at five events in New York City and one in San Francisco throughout September 2024.
Key events include:
- BofA Securities 2024 Media, Communications and Entertainment Conference (Sept. 4)
- Benchmark 2024 Tech, Media & Telecom Conference (Sept. 5)
- Citi 2024 Global TMT Conference (Sept. 6)
- Wolfe Research TMT Conference 2024 in San Francisco (Sept. 10)
- B. Riley 7th Annual Consumer & TMT Conference (Sept. 12)
- Lake Street 8th Annual Best Ideas Growth Conference (Sept. 12)
A live webcast of the BofA Securities fireside chat will be available on Magnite's investor relations website, with a replay accessible for 90 days after the event.
TargetSmart, a leading provider of political data for Democratic campaigns, has announced an exclusive partnership with Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company. This collaboration, supported by Magnite's integration with Snowflake AI Data Cloud for Media, allows Democratic campaigns, agencies, and causes to activate campaigns using TargetSmart data across Magnite's extensive CTV footprint on any demand side platform.
Magnite, which ranks #1 in supply coverage according to Jounce Media, provides access to over 90% of programmatic supply in the US and reaches 92 million US ad-supported streaming TV households. With CTV ad spending forecasted to collect 14% of the total $10.7 billion ad spend this year, this partnership aims to provide a streamlined way for political buyers to execute and optimize their campaigns, potentially resulting in higher match rates and faster deal setups.
Magnite (NASDAQ: MGNI), the world's largest independent sell-side advertising company, reported strong Q2 2024 results. Total revenue grew 7% year-over-year to $162.9 million, while Contribution ex-TAC increased 9% to $146.8 million. Notably, CTV Contribution ex-TAC rose 12% to $63.0 million, exceeding guidance. The company reported a net loss of $1.1 million, a significant improvement from the $73.9 million loss in Q2 2023. Adjusted EBITDA grew 20% to $44.7 million, with a 30% margin. For Q3 2024, Magnite expects total Contribution ex-TAC between $146-150 million, with CTV growth accelerating to 18-22% year-over-year. The company reaffirmed its full-year 2024 guidance, projecting at least 10% Contribution ex-TAC growth and mid-teens Adjusted EBITDA growth.
Magnite (NASDAQ: MGNI), the world's largest independent sell-side advertising company, has introduced automated wrapper management within Demand Manager to help publishers increase revenue and efficiency. This new feature, built on Prebid technology, uses machine learning to optimize configurations in a publisher's Prebid Wrapper per impression, potentially enhancing billions of settings.
Ranker, an early adopter, saw a 5% increase in spend after implementing the automated wrapper management feature. The tool adjusts Prebid settings on an ad request basis, maximizing revenue while saving time and resources. Demand Manager has experienced significant growth, with a 30% increase in spend year-over-year from 2023 to 2024. Major publishers like Buzzfeed and Disney use Demand Manager, with 13 of the top 50 Comscore ranked publishers relying on it for Prebid inventory management.
Gracenote, Nielsen's content data unit, is enhancing CTV advertising by introducing new contextual categories powered by program-level metadata. Partnering with Peer39 and Magnite (NASDAQ: MGNI), Gracenote's data will be available on DSP platforms for programmatic CTV ad buys. Publishers like Cineverse, DIRECTV Advertising, Philo, Tastemade, and Xumo can now use Gracenote Contextual Video Data to provide more transparency for media buyers.
This initiative aims to optimize targeting and deliver incremental reach, making Gracenote's metadata the common taxonomy for CTV marketplace transactions. The data offers unprecedented granularity for programmatic ad buys, allowing publishers to package ad inventory more effectively and advertisers to reach target audiences at scale. This collaboration is expected to improve CTV advertising outcomes and create a stronger ecosystem benefiting advertisers, publishers, and consumers.
Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, has been chosen by TELUS (TSX: T) (NYSE: TU) as its preferred ad technology solutions partner in Canada. TELUS will utilize Magnite's SpringServe ad server and Streaming SSP for its Free Ad-Supported TV (FAST) and online video advertising inventory. This partnership aligns with the growing trend of ad-supported streaming, as 74% of Canadian consumers now watch streaming TV. The collaboration aims to enhance TELUS's TV offerings at no additional cost to customers, while providing advertisers with better insights and control over their campaigns.
Magnite's technology will allow TELUS to manage and monetize its connected TV (CTV) inventory more effectively. TELUS has already deployed FAST channels like TIME, Tastemade, and The Washington Post to its TV+ customers, offering new opportunities for advertisers and agencies to connect with audiences. Both companies are excited about the potential to redefine the Canadian advertising landscape and deliver premium ad experiences to consumers and brands alike.
Magnite (Nasdaq: MGNI), a leading independent sell-side advertising company, will release its Q2 2024 financial results on August 7, 2024, after the market closes. The company will host a conference call at 1:30 PM (PT) / 4:30 PM (ET) the same day to discuss the results and future outlook. Domestic callers can participate by dialing (844) 875-6911, while international callers can dial (412) 902-6511, and both should ask to join the Magnite conference call. A simultaneous audio webcast and replay will be available on Magnite’s investor relations website.
Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, has announced that CairoRCS Media, a leading Italian communication group, will implement Magnite's Demand Manager to enhance their programmatic revenue. CairoRCS Media operates major Italian publications serving over 30 million people, such as Corriere della Sera and Gazzetta dello Sport. Demand Manager, built on Prebid technology, offers tools for revenue growth through insights, control, and flexibility. Features include A/B testing with machine learning recommendations and microwrappers. The collaboration aims to streamline CairoRCS Media's ad management, enhance yield optimization, and reduce team workload. Magnite's Mariano de Luca emphasized the significance of this partnership, while CairoRCS Media's Davide Grillo praised Demand Manager's innovative tools and their impact on operational efficiency.
Magnite (NASDAQ: MGNI), a leading independent sell-side advertising company, announced the implementation of its SpringServe ad serving technology by Yomiuri Telecasting (YTV) for their on-demand services, ytv MyDo! and TVer.
This collaboration has resulted in a revenue uplift and improved operational efficiencies for YTV. SpringServe's advanced ad serving and inventory management features help streamline monetization, ensuring high-quality ad experiences. This implementation makes YTV one of the first Japanese broadcasters to benefit from SpringServe technology.
The technology has provided YTV with a more comprehensive overview of their performance, contributing to increased revenue and better viewer experiences. Magnite expressed excitement about enhancing YTV's delivery of premium video advertising.