What it does
It taps into the US$160bn digital advertising industry, working in partnership with brands, media agencies and suppliers to reduce ad-wastage and improve the effectiveness of location-based advertising campaigns.
Its core product is Verify, the world’s first independent location verification product, which detects location ad-fraud and shines a light on location data inaccuracy.
Among its clients are billboard advertiser JCDecaux, the world’s largest outdoor ad company, and the7stars, the UK’s largest independent media agency, which serves huge brands such as Papa Johns and Nintendo.
How it’s doing
Location Sciences has signed up a second US customer for its Verify Audience platform.
US group The Spoken Thought, which trades as Mira, will use the platform to verify audience segments independently and offer customers a visibly differentiated premium product.
The two companies have been working together throughout 2020 and this formal agreement will now allow Mira to deliver more accurate high-value audience segments to its customers.
The company is also continuing its work with the NHS to help analyse how people’s movements are affecting the spread of coronavirus (COVID-19) infections.
These activities are helping to offset the impact of COVID-19, but revenues overall for the year to end December 2020 will be below earlier expectations.
Core product Verify’s location-based advertising revenues have been adversely affected by the second lockdown in November, LSAI said, especially as it was imposed in what is normally the busiest quarter for location-based advertising.
What the boss says: Mark Slade, chief executive
“Location data used to build audiences in ad-tech can be extremely valuable, but it can be very difficult for buyers to differentiate the best from the worst data.
” It is clear that buyers are becoming more aware of the vast differences and nuances in location data, and we expect other agencies and suppliers to follow suit in the coming months,”
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Ed Stacey: The company reports that its net cash position, roughly £1.2mln at November 30 is now expected to provide sufficient resources through to 2022.
“This forecast reflects a reduced cash utilisation rate due to further cost reductions and efficiency measures.
“We believe that this cash runway provides the company with the opportunity to begin realising a recovery in Verify revenues during 2021, and ramp-up in GeoProtect revenues, before needing to seek additional capital.”