Release Date: September 11, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Blackbird PLC (BBRDF, Financial) has successfully launched its new product, elevate.io, which has gained significant traction with 1,000 new users added in a week.
- The company has maintained disciplined cost control, keeping cash burn flat at GBP1.9 million despite a drop in revenues.
- Blackbird PLC (BBRDF) has secured renewals with major clients such as CBS Sports, US Department of State, and Televisa Univision.
- The elevate.io platform is designed for the fast-growing creator economy, which is expected to double in size, providing a significant market opportunity.
- The company has a strong and experienced Board, including members with backgrounds in YouTube and Jellysmack, which is expected to drive strategic growth.
Negative Points
- Blackbird PLC (BBRDF) reported a 30% year-on-year decline in H1 revenues, reflecting challenges in the media entertainment space.
- The outlook for TV advertising remains weak, which could impact future revenue streams.
- The company is still in the early stages of monetizing elevate.io, with significant investment required before achieving profitability.
- There is a need for continuous updates and improvements to the elevate.io platform to meet user expectations and remain competitive.
- The company faces challenges in effectively marketing and positioning elevate.io in a crowded and rapidly evolving market.
Q & A Highlights
Q: Can you please let us know if a bonus is attached to the Olympics contract?
A: Ian McDonough, CEO: We had 100% uptime during the games, and the customers were very happy with Blackbird. However, bonuses are not typical for such projects.
Q: Is elevate.io ahead of schedule for paid release?
A: Ian McDonough, CEO: Elevate.io is on schedule for its paid release. We are confident about the timeline.
Q: When can we expect affiliation marketing for elevate.io?
A: Ian McDonough, CEO: We anticipate starting some partnerships in the first quarter of next year.
Q: Is the AdWords campaign for elevate.io targeting specific geographies?
A: Ian McDonough, CEO: Currently, we are in the learning phase and not targeting specific locations. This may change as we gather more data.
Q: Do you see the opportunity to implement price increases given your track record with high-value products?
A: Ian McDonough, CEO: We recognize the challenge in growing the legacy Blackbird business and have shifted focus to the faster-growing creator economy, which offers more dynamic opportunities.
Q: Are the new Board members shareholders?
A: Anne Kerckhove, Managing Director: They will be shortly, and any changes will be publicly announced.
Q: Could you talk us through how users are using elevate.io and the profile of the user?
A: Sumit Rai, Chief Product Officer: We are still gathering data on user profiles. We see repeat usage and are working on building a clearer picture of our target users.
Q: Do you believe the current cash reserves are sufficient to sustain the company's growth strategy, particularly for elevate.io?
A: Stephen White, CFO: We have enough cash to bring elevate.io to market and see initial traction. Further growth will depend on achieving success and possibly seeking additional investment.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
