Avid Technology - AVID STOCK NEWS

Avid has announced a multiyear subscription licensing agreement with Christy’s Editorial for 500 seats of Media Composer | Enterprise video editing software. This transition from perpetual software licenses enables Christy’s to enhance delivery efficiency for its clients in the film and TV industry. Operating for over 50 years, Christy’s serves numerous editors, relying on Avid's technology and NEXIS storage solutions. Avid aims to support partners like Christy’s in adapting to the increasing demand for remote collaboration among creative teams.

Avid has announced a significant update to its EUCON ethernet protocol, enhancing customization and visual feedback for its control surfaces used with popular digital audio workstations (DAWs) like Pro Tools and Logic Pro. The EUCON 2021.6 update allows users to personalize knob layouts and meter strip presentations, significantly improving workflow efficiency. Additional features include automation indicators and enhanced integration for a smoother mixing experience. This update reinforces Avid's commitment to providing tools that meet the needs of audio professionals.

Avid reported a strong financial performance for Q2 2021 with a 19.7% year-over-year revenue growth, totaling $94.9 million. Subscription revenue reached $21.5 million, up 30.9%, while Integrated Solutions revenue grew 50.5% to $31.3 million. Net income rose 279.7% year-over-year to $7.0 million, with Free Cash Flow of $5.6 million. Avid has raised its full-year Free Cash Flow guidance and reaffirmed other financial targets.

Avid has launched the Sibelius for mobile app, extending its professional music notation capabilities to iPad users. Available immediately for download, it allows for seamless movement between iPad and desktop, enabling composers to create and edit scores on the go. This new mobile solution is included at no additional cost for current Sibelius desktop subscribers and enhances collaboration by saving files to supported cloud services. The app introduces innovative note input workflows, taking full advantage of the iPad's features.

Avid (NASDAQ: AVID) will announce its second-quarter 2021 earnings on August 3, 2021, followed by a conference call at 5:30 p.m. ET. CEO Jeff Rosica and CFO Ken Gayron will provide insights into the company's performance.

The conference call details include a listen-only webcast link on the investor relations site, an audio dial-in number, and replay options. Avid specializes in media technology solutions, serving the entertainment industry with tools for content creation and distribution.

Avid announced that AvidPlay subscribers can now distribute music mixed in Dolby Atmos to Apple Music. This allows independent artists to reach growing audiences interested in immersive audio experiences while retaining 100% of their rights and earnings. AvidPlay facilitates the distribution process, including generating marketing links and tracking performance. Currently, AvidPlay tracks have surpassed one billion plays. Additionally, Avid and Dolby have launched a training program to certify audio professionals in Dolby Atmos production, addressing the rising demand for immersive audio.

Avid announced the availability of its patented Hybrid Engine with the June 2021 release of Pro Tools | Ultimate. This innovation enhances HDX Systems by allowing single-card setups to manage 2,048 voices, crucial for high-demand audio sessions. The Hybrid Engine optimally divides processing between native and HDX DSP engines, enabling low-latency recording and reduced CPU load. Users can easily toggle between DSP and Native Modes for seamless tracking and mixing, significantly improving audio professionals' efficiency.

Avid has been selected by NBC Olympics to provide media management solutions for the XXXII Olympiad in Tokyo, scheduled from July 23 to August 8, 2021. This collaboration builds on Avid's long-standing partnership, enhancing remote collaboration capabilities for production teams. Avid's MediaCentral systems will facilitate content creation for various platforms, including OTT and social media. NBC Olympics aims to use advanced technology to produce both 1080p HDR and 1080i content simultaneously, increasing efficiency and scalability during the event.

Avid has formed a multi-year partnership with Remote Picture Labs to provide a pioneering remote editing solution for the film and television industry. This collaboration allows users to utilize Avid's Media Composer software and Avid NEXIS storage in a virtualized environment, promoting seamless collaboration from any location. The initiative, initially driven by the COVID-19 pandemic, aims to transform traditional rental models, offer significant cost savings, and enhance workflow flexibility, marking a significant shift in post-production processes.