Earlier this week, engage:BDR Ltd [ASX:EN1] released a market update, revealing a revenue growth increase by 323% in Q1. Today, the company also announced the launch of its paid social business, alongside paid Facebook advertising.
It’s the first of several planned paid social platforms.
At the time of writing, engage’s share price is trading at 4.6 cents, up 4.54% since yesterday. Last week, shares traded as high as 4.8 cents.
In another update, EN1 detailed the ‘highly curated ad inventory to cannabis & CBD advertisers across its programmatic ad exchange’ it is providing.
This enables access to around 175 million or more unique monthly users.
engage’s share price benefits on expansion
The reasoning behind engage’s rising share price may have something to do with the company’s expansion into cannabis advertising and initiation of paid social business.
Its IconicReach platform, which provides cannabis and CBD advertising opportunities, gives further exposure over its social media influencer network.
EN1’s daily revenue is exceeding expectations across the company’s programmatic product.
The paid social business is set to provide the missing tools needed to secure significantly more budgets from customers. The launch of the product was originally scheduled for Q3 2019, but phase 1 was fast-tracked due to customer demand.
EN1 is using Facebook as part of its social strategy, which saw revenue related success over this year.
By using Facebook, EN1 can target users’ unique profiles as identifying markers, which allow brands to target niche audiences which are otherwise almost impossible to reach.
A big accomplishment for such a small company — made up of just 15 full-time staff.
engage’s share price 2019 outlook
It’s hard to tell exactly where engage’s share price will go, but shareholders can look forward to continued revenue growth, on account of its planned social platforms and cannabis ad exchanges.
But it seems investors need to see a little more upside potential from engage, taking into consideration the company’s choppy share price movements over the last year.
More to come.
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