Magnite Inc Stock Price, News & Analysis

Magnite (MGNI) has been selected as the preferred sell-side platform by fuboTV (FUBO) to support its advertising strategy, coinciding with the 2021 football season launch. This partnership aims to capitalize on the increasing shift from linear TV to connected TV (CTV), with live sports impressions growing 73% from 2019 to 2020 and an additional 26% in 1H 2021. FuboTV's CTV platform accounts for 94% of its total viewing hours, offering advertisers access to premium inventory and first-party audience data, positioning both companies for future growth in the expanding CTV market.

Magnite (NASDAQ: MGNI), the largest independent sell-side advertising platform, is hosting its Investor Day on September 15, 2021, from 11 am to 2 pm Eastern Time. The event will feature key speakers including Michael Barrett, President & CEO, and other executives. Attendees can join the webcast via this link. Magnite continues to enhance its position in the rapidly growing CTV market, following its recent acquisition of SpotX in April 2021.

Magnite (Nasdaq: MGNI) reported a strong Q2 2021, achieving revenue of $114.5 million, up 170% year-over-year, driven by the inclusion of SpotX for two months post-acquisition. Revenue ex-TAC reached $100.4 million, a 139% increase, with Connected TV (CTV) revenue growing 333% to $34.3 million. Net income was $36.8 million, a turnaround from a net loss of $39.1 million in Q2 2020. Adjusted EBITDA soared to $31.8 million, representing a 32% margin. Future expectations estimate Q3 revenue ex-TAC between $112 million and $116 million.

Magnite (Nasdaq: MGNI), the leading independent sell-side advertising platform, is set to release its financial results for Q2 2021 on August 5, 2021, after market close. A conference call will follow at 1:30 PM PT, where the company's performance and future outlook will be discussed. Notably, Magnite recently acquired SpotX in April 2021, enhancing its presence in the rapidly growing CTV market. The company focuses on monetizing content across various digital formats, serving the needs of publishers and advertisers alike.

Magnite (NASDAQ: MGNI) has acquired SpringServe for approximately $31 million, aiming to enhance its capabilities in the growing connected TV (CTV) advertising sector. This acquisition integrates SpringServe's ad serving technology with Magnite's existing platform, allowing for improved inventory management and customized ad experiences for CTV publishers. The combination is expected to streamline operations and reduce costs for clients like Pluto TV and Sinclair Broadcast Group. SpringServe's CEO will now report to Magnite's CTV chief, further integrating their teams.

Magnite has launched the first phase of its Publisher First-Party Segments Initiative, aimed at providing scalable and privacy-safe audience targeting solutions in a post-cookie environment. With participation from over 30 industry leaders, this initiative currently processes over three billion transactions daily. Moving forward, the project will integrate into Prebid.org for further development, adopting IAB Tech Lab standards. The initiative is seen as a critical step towards enhancing cross-company collaboration and securing publisher-controlled data solutions.

Magnite and tvScientific have launched a groundbreaking program to connect CTV publishers with performance marketers, expanding access to the $72 billion TV advertising market. This initiative targets digital-first marketers who have typically avoided CTV due to brand safety and quality concerns. It aims to unlock significant demand for CTV advertising by providing these marketers with the necessary tools for engagement. The collaboration is expected to generate additional revenue for CTV publishers while offering marketers a brand-safe environment akin to traditional advertising.

Magnite (NASDAQ: MGNI) announced that Rakuten Advertising will utilize its CTV platform across Europe to enhance advertiser access to Rakuten TV inventory. This collaboration aims to improve the quality of ad experiences for long-form video content. Rakuten TV, Europe's first hybrid VOD platform, serves over 90 million households and attracts 12 million unique viewers monthly. The partnership comes at a time when ad-supported streaming is flourishing, with 63% of TV viewers engaging with AVOD content weekly.

Magnite (Nasdaq: MGNI) will have its President and CEO, Michael Barrett, speaking at the Evercore ISI Inaugural Virtual Technology, Media & Telecom Conference on June 8, 2021, at 11:45 AM Eastern Time. Investors can access a live webcast of this event via Magnite's investor relations website. The presentation will remain available for replay for 180 days post-event. Magnite is recognized as the largest independent sell-side advertising platform, connecting publishers with leading agencies and brands to facilitate ad transactions across various formats.