Bidstack (LON:BIDS) shares jumped as much as 26% in early trade on Thursday following the release of a trading statement that pointed to significant progress in the second half of the year.
Bidstack operates in-game advertising services that allows brand to play their native adverts throughout the computer game experience.
In their half results released in August this year, Bidstack only reported £300,000 in revenue, which was met by initial disappointment by the market.
Today’s announcement paints a more positive picture as it suggests the company is now moving beyond the initial testing phase and is making their way on to the advertising plans of major brands.
Bidstack said in a statement they had ‘experienced significantly increased demand from advertisers in the second half of 2020,’ but stopped short of giving any revenue figures during the period saying they were ‘on track to exceed market expectations’.
“In the second half of 2020 we have been conducting our work with quiet efficiency,” said James Draper, CEO of Bidstack
“Over that period we have seen a step change in interest from brands wanting to activate within gaming. We are witnessing average order values increasing significantly and experiencing advertising agencies now including in-game advertising as a component in large media plans. We believe this is a meaningful shift from where the market was 12 months ago.”
“In addition Bidstack is considering a number of new commercial opportunities where our technical offering and insight may be of interest to some global technology led companies.”
“We are at the beginning of a new industry, where brands will continue to explore and invest in ways to activate and protect their IP in and around interactive entertainment.”
“The diligent work of our growing team, the knowledge we have accumulated and the demonstrable acceleration of revenue being run through our products put Bidstack in a strong position to capitalise on this growth.”