Magnite (MGNI) Partners With Foxtel Media for BINGE Advertising
Magnite MGNI, has recently announced that it has been selected by Foxtel Media to enable programmatic advertising on BINGE's ad-supported tier, BINGE Basic. Magnite, as the exclusive programmatic launch partner, will provide advertisers with access to premium inventory on BINGE Basic across connected TV and over-the-top platforms.
Since the introduction of ads on the BINGE Basic tier in March 2023, there has been a substantial audience base for advertisers. The collaboration with Magnite allows Foxtel Media to capitalize on this momentum, offering advertisers improved targeting capabilities and programmatic efficiency to optimize campaigns and maximize returns.
In the rapidly evolving streaming industry, effective audience targeting and enhanced engagement are crucial. This collaboration presents a unique opportunity for advertisers to reach BINGE's premium audience and deliver tailored messages while prioritizing an optimal user experience.
The partnership with Magnite allows Foxtel Group to take a leading position in the Australian streaming landscape. By unlocking programmatic demand on BINGE's Basic tier, Foxtel Group aims to enhance its advertising offerings. This alliance enables the companies to reach BINGE's premium audience at a larger scale and deliver more effective ad campaigns.
Magnite, Inc. Price and Consensus
Magnite, Inc. price-consensus-chart | Magnite, Inc. Quote
Magnite’s Other Partnerships to Aid Top-Line Growth
Magnite has collaborated with a few other companies recently. These partnerships are expected to boost the company’s top line in the upcoming quarters.
MGNI has revealed an increased adoption of its ClearLine solution among streaming TV media owners and advertising agencies. ClearLine, an ad server-agnostic solution, enables agencies to directly access premium video inventory available on Magnite's platforms.
Along with launch partners like GroupM, Camelot and MiQ, additional ad agencies are adopting ClearLine, including GSD&M, Horizon Media and Stagwell Brand X Performance Network. These agencies are leveraging ClearLine to access premium video inventory on Magnite's platforms.
Banijay Rights, the global distribution arm of Banijay, recently selected Magnite and ad server SpringServe to monetize its free and ad-supported streaming TV (FAST) platforms. By leveraging Magnite's SSP and SpringServe's ad server technology, Banijay Rights will be able to monetize its FAST channel inventory worldwide. With famous shows like Deal or No Deal and Survivor in its portfolio, Banijay Rights aims to deliver premium inventory across its high-quality content.
The Zacks Consensus Estimate for MGNI’s 2023 earnings is pegged at a profit of 63 cents per share, indicating a year-over-year decline of 1.56%. The consensus estimate for 2023 revenues is pegged at $560.38 million, indicating a year-over-year decline of 2.89%.
Zacks Rank & Key Picks
Currently, Magnite carries a Zacks Rank #3 (Hold).
Shares of MGNI have gained 27.4% year to date compared with the Zacks Computer and Technology sector’s rise of 37.2% in the same time frame.
Some better-ranked stocks from the broader sector are Salesforce CRM, NVIDIA NVDA and Baidu BIDU, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Salesforce have gained 61.3% year to date. The Zacks Consensus Estimate for CRM’s second-quarter 2023 revenues is pegged at $8.52 billion, indicating year-over-year growth of 10.41%. The consensus mark for earnings is pegged at $1.90 per share, which has increased by 1 cent over the past 30 days.
Shares of NVIDIA have risen 189.6% year to date. The Zacks Consensus Estimate for NVDA’s second-quarter 2023 revenues is pegged at $11.01 billion, indicating year-over-year growth of 64.19%. The consensus mark for earnings is pegged at $2.04 per share, which has increased by 7 cents over the past 30 days.
Shares of Baidu have gained 24.1% year to date. The Zacks Consensus Estimate for BL’s second-quarter 2023 revenues is pegged at $4.76 billion, indicating year-over-year growth of 7.47%. The consensus mark for earnings is pegged at $2.64 per share, which has decreased by 3 cents over the past 30 days.
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