Magnite To Elevate Virgin Media's Ad-Supported Streaming Services

Magnite Inc MGNI disclosed being selected by Virgin Media as the preferred SSP to support their free ad-supported streaming television (FAST) channels.

Through the collaboration, Virgin Media plans to leverage MGNI's Streaming SSP to manage and monetize its FAST inventory on Virgin TV. 

Virgin Media will also leverage MGNI's ad-serving platform (SpringServe) created for OTT, CTV, and video advertising to facilitate highly efficient and accurate advertising management.

The partnership reflects a seismic shift in the TV industry resulting from a change in consumer preferences toward watching TV content via ad-supported streaming. 

Virgin Media FAST channels, launched at the beginning of this month, offer premium content across the U.K., providing customers with a library of streamed content that complements its existing free-to-air and Pay TV offering.

"With the use of FASTs increasing exponentially, it's imperative to have a premium ad experience in place to optimise the viewer experience. Our collaboration with Virgin Media will help them to more effectively manage advertising and set them apart from the rest in terms of their premium ad offering," said Leon Siotis, Head of SpringServe International.

Earlier this month, MGNI reported Q2 adjusted EPS of $0.09, beating the $0.03 estimate and sales of $152.50 million, exceeding the consensus of $134.28 million. 

As of June 30, 2023, MGNI's cash and cash equivalents stood at $266.4 million.  

Price Action: MGNI shares closed higher by 4.13% at $8.07 on Tuesday.