Condé Nast signs video-first deal with ad tech company Mirriad
Words by Patrick Coffee for Business Insider
December 16th, 2019:
- London startup Mirriad uses AI to insert ads and products into pre-existing videos, and it just signed an exclusive ad deal with Condé Nast.
- This move is part of the publisher’s effort to monetize its properties and become a “video-first” business.
- Mirriad CEO Stephan Beringer said advertisers can use its technology to, say, have their products or ads appear in all scenes set in living rooms or breakfast environments across Condé Nast properties.
- Mirriad has already used its technology to insert new ads into reruns of ABC sitcom “Modern Family.”
Fans of YouTube series like Allure’s “Work It” and Bon Appétit’s “From the Test Kitchen” should get ready to see more ads popping up in their favorite videos — but not in the way they might think.
Publishing giant Condé Nast, which has positioned itself as a “video-first” business, just announced a deal with London-based startup Mirriad, which uses artificial intelligence to place ads and products into pre-existing videos.
For example, it recently inserted virtual Prudential billboards, print ads for FreshPet, and an entire Sherwin-Williams store into reruns of ABC sitcom “Modern Family.”
Mirriad works with several broadcasters in North America including Univision, Fox, and NBC, but Tencent is its largest single client.
The sizzle reel below, released in October to promote a deal that Mirriad signed with the Chinese web conglomerate, shows potential uses for the platform.
Wow! Worth watching this. China’s largest video platform #Tencentvideo (97M paying China subscribers) will begin inserting extra ads into movies/series that didn’t exist in the original. #computervision pic.twitter.com/qltsQz9jdF
— Matthew Brennan (@mbrennanchina) October 15, 2019
Brands will be able to “takeover” Condé Nast videos
With Condé Nast, Mirriad will look for opportunities to integrate ads and products across its portfolio based on internal data about viewers, CEO Stephan Beringer told Business Insider.
For example, advertisers can design “takeovers” that will see their products appear prominently in all scenes set in living rooms or breakfast environments across the publisher’s videos.
Beringer wouldn’t give financial details of the deal or name any of the brands involved but said negotiations are ongoing.
Beringer said his company is developing advancements that would let advertisers target different promotions to different people watching the same videos.
The deal is part of Vogue and The New Yorker parent Condé Nast’s plans to grow its video audience and ad revenue. At this year’s NewFront presentation in April, CMO and CRO Pamela Drucker Mann said the company was “uniquely positioned to connect our advertisers” with an estimated 1 billion monthly viewers.
The publisher is betting its business on Condé Nast Entertainment
The deal comes as Condé Nast is seeking to stabilize its business in a tough climate for publishers.
Condé Nast has sold off some of its properties in addition to restructuring its teams, going through several rounds of layoffs, and doing more with events, ecommerce, sponsored content and, of course, video. According to New York Magazine, print advertising dropped from 80% to 40% of the company’s revenue over the past five years.
Oren Katzeff joined Condé Nast late last year from Tastemade as president of the entertainment division, leading its shift toward video — and Mirriad is in the process of doing a similar deal with Tastemade.
See article here.