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Mirada Plc: THE INVESTMENT CASE

Mirada getting busy with izzi

The company claims to be "reinventing television". Is that a bit over-the-top?
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On its web site, Mirada (LON:MIRA) claims to be “reinventing television”.

The marketing team might have got a bit carried away with that claim, but the digital television services provider can certainly lay claim to playing its part in the refashioning of the way we watch TV.

In case you had not noticed, watching the telly is much more of an interactive experience these days, and Mirada's stock-in-trade is making that interactive audio-visual experience a lot more engrossing, engaging and entertaining.

Mirada's technology enables TV operators to offer their clients advanced Electronic Programme Guides (EPGs) plus many high-end features such an as advanced search engine, smart recommendations, video on demand and several other “over the top” (OTT) options to access additional content.

As anyone who ever blundered around an interactive compact disc (CD) in the early days of the multimedia revolution will remember, there is an art to making the user interface intuitive and a pleasure to use, and judging by the traction Mirada is getting in the market with its products, the AIM-listed company has mastered the art.

Iris, its state-of-the-art “TV everywhere” proposition, is a multi-screen solution that merges the best of traditional broadcast and OTT services, presenting an easy-to-use, unified user experience across multiple devices, whether they be set-top boxes, desktop computers or mobile devices, such as smartphones or tablets.

Broadly speaking, in the same way that a web browser acts as a gateway to a universe of content on the World Wide Web, so the Iris user interface gives access to the content provider's stuff in a logical, convenient manner.

When it says "TV Everywhere", it means it. The solution enables content to be viewed across set-top boxes, smartphones and tablets, with all of them working seamlessly through Mirada's state-of-the-art Inspire user interface.  

Mirada also looks after the back-end with the Iris service delivery platform that enables content providers to serve up media how and when customers want it.

Another of Mirada's flagship products is xPlayer, which manages red and green button interactivity on behalf of a channel; the red button kicks off applications, allowing viewers to interact with on-screen content, such as polls or adverts, while the green button handles programme scheduling and recording reminders.

it may be valued at less than £8mln, but it is clearly gaining momentum, judging by the commercial launch of the company's OTT content solution for izzi Telecom, part of the Mexican media giant Televisa that is the largest in Latin America.

The roll-out will be accompanied by an extensive marketing campaign by izzi Telecom and subscribers will be able to take the new services via izzi’s distribution channels from 4 July.

The launch of the Iris platform across izzi's networks is Mirada's largest deployment to date, the integrated digital TV services software provider revealed. New or upgrading subscribers will benefit from features such as multi-screen viewing, the ability to pause viewing on one device and resume viewing on another, as well as access to more content and on-demand TV.

The OTT service is expected to generate a significant incremental revenue stream for Mirada, with the company indicating subscriber-based licence fees for this OTT contract could represent additional subscriber-based revenue in excess of $5mln. To put that into context, half-year revenues in the current financial year were £2.26mln, or roughly $3.23mln.

Perhaps as important as the revenue is having a giant like Televisa on the client list. No wonder Mirada believes the launch should open a lot of doors to the company as it seeks to expand its Tier 1 and 2 client base across Latin America and Europe.

“This roll-out demonstrates the company's expertise in managing prestigious and complex projects and in delivering excellent products to its customers,” said Jose Luis Vazquez, chief executive officer of Mirada.

“We are delighted with the current relationship that we have with this Tier 1 customer and the next commercial launches are expected to go ahead according to plan," he added.

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