Entertainment AI shares surge after reporting 59% revenue rise

Entertainment_AI

Shares in technology and media platform Entertainment AI jumped more than 7% today after the company posted a positive trading update.

Entertainment AI revenues

Entertainment AI said net revenues for 2019 rose 59% to $10.3m from its GT Channel on YouTube. The channel specialises in the automotive sector.

GTC continued to grow both its global audience and net revenue strongly, in line with expectations, the firm said.

It said its GTC multichannel network YouTube audience base of enthusiasts stood at approximately 12.3 billion video views, up 45% (2018: 8.5 billion)

Acceleration of unpaid subscribers who want more content from GTC and its creator partners increased 43% during the second half of the year to approximately 100 million.

Tagasauris progress

The company’s other division, Tagasauris, completed a successful pilot with global strategic partner Sumitomo Corporation, This was to deploy proprietary technology to deliver an enriched audience viewing experience for the Rugby World Cup in Japan on Sumitomo’s JSports network

The pilot demonstrated that the technology enhances viewer growth and interactivity through the use of “micro-moments” – real-time opportunities for e-commerce, the firm said.

Dr. Patrick DeSouza, Chairman of Entertainment AI, stated: “We are at the beginning of an exciting journey to create significant shareholder value.

“Global market demand is strong and expected to only accelerate with smart mobile devices and increasing demand from audiences and brands for consuming short form video and realising e-commerce opportunities.

“The disruptive competitive landscape for telecom companies and technology companies like Facebook, Google and Apple, who are fast becoming media companies, provides us with a great opening.

“We are attacking the market at the right time with proprietary AI and e-commerce technologies for video and a global audience base with 100 million unpaid subscribers to monetise.

“Armed with a strong board and management team, value-add institutional investors and global corporate partners, we are confident that we can make a difference in the market.”

The company listed its shares on the London Stock Exchange last Autumn.

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