Welcome to our dedicated page for Avid Technology news (Ticker: AVID), a resource for investors and traders seeking the latest updates and insights on Avid Technology stock.
Avid Technology, Inc. (NASDAQ: AVID) is a globally recognized leader in technology solutions that power the media and entertainment industries. The company provides a comprehensive suite of tools for content creators to make, manage, store, distribute, and monetize their digital content. Established over three decades ago with the invention of nonlinear digital video editing, Avid has revolutionized the way individual artists, creative teams, and organizations produce media.
Avid’s core platform, MediaCentral, is an open, extensible, and customizable foundation that streamlines workflow across various media sectors. The platform is divided into four main suites: Artist, Media, Storage, and Studio. The Artist Suite offers trusted tools for audio, video, and graphics creation. The Media Suite focuses on managing, distributing, and monetizing media. The Storage Suite provides high-performance systems for capturing, storing, protecting, and playing media. Finally, the Studio Suite enhances in-studio and sports production environments with advanced tools.
Avid's latest innovation, Avid | Stream IO, is set to be featured at the IBC2023 Show. This next-generation media production platform offers unparalleled speed, flexible deployment options, and support for various media formats including IP streams and SDI streams. It enables seamless migration from legacy workflows to modern cloud and IP-based environments, making it ideal for live entertainment and multi-camera productions.
Recent strategic partnerships and product rollouts have positioned Avid as a key player in the media technology landscape. For instance, a multi-year subscription deal with ITV News underscores Avid’s commitment to modernizing news production workflows. Additionally, the launch of the Pro Tools Sketch iPad app and enhancements to the Pro Tools desktop software cater to musicians' growing needs, enabling them to capture and experiment with their ideas on-the-go.
Financially, Avid continues to demonstrate strong performance and strategic agility. Recently acquired by Symphony Technology Group (STG) in an all-cash transaction valued at approximately $1.4 billion, Avid has now transitioned to a privately-held company. This move is expected to accelerate innovation and enhance operational efficiency.
Beyond technology, Avid is committed to social responsibility. The company has partnered with the Edward R. Roybal Learning Center in Los Angeles to equip a post-production lab and offer industry-recognized certifications to underrepresented youth aspiring for careers in media production.
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Avid has launched the highly anticipated Avid VENUE 7 software, marking its most significant update since the introduction of the Avid VENUE | S6L live sound system. Key features include I/O sharing across three systems, enhancing workflow flexibility and reducing costs without compromising sound quality. Additionally, the software supports up to 128 channels of audio via Milan™ certified devices, allowing for seamless connectivity. This update aims to optimize live sound production, catering to engineers and sound designers, affirming Avid's commitment to innovation in the live sound industry.
Avid, a leader in media technology, has scheduled a conference call on March 9, 2021, at 5:00 p.m. ET to discuss its fourth quarter and full-year 2020 earnings. The earnings report will be released after market close on the same day. This call will feature CEO Jeff Rosica and CFO Ken Gayron, who will provide insights on the company's financial performance and future outlook. A live webcast of the call will be available at Avid's investor relations website.
Avid announced that KVIE, a leading PBS television station, will implement its Avid NEXIS storage and MediaCentral asset management solutions to enhance editorial workflows based on Adobe Premiere Pro. This transition aims to streamline production processes and improve efficiency, with an emphasis on future scalability and cost-effectiveness. KVIE serves nearly 1.4 million households, producing content for national distribution. The integration of these technologies will facilitate better content management, collaboration, and editing.
Avid announced a record of over 3 million downloads for its free creative software tools, including Pro Tools, Media Composer, and Sibelius. This milestone reflects a substantial year-over-year increase, with 1 million downloads achieved in the last year alone. The freemium model offers aspiring creatives access to professional-grade tools for free, with an option to upgrade to paid subscriptions. This strategy is driving robust subscription growth within the expanding creative tools market, as users enhance their skills and connect with the global creative community.
Avid has partnered with Haivision to enhance live IP video ingest capabilities for broadcasters using the MediaCentral platform. This partnership enables the integration of Haivision’s Makito X4 low-latency video encoder, allowing users to streamline remote content contribution over IP networks. Avid will resell and integrate Haivision products, providing a cost-effective solution that simplifies workflows in both on-premises and cloud-based environments. The collaboration aims to open new revenue opportunities while reducing operational costs for media companies.
Avid has won two 2020 Emmy Awards for technology and engineering from the National Academy of Television Arts and Sciences (NATAS). These awards recognize Avid's contributions to Newsroom Computer System (NRCS) and the Advanced Authoring Format (AAF) specification. With these wins, Avid now holds 18 Emmys for engineering excellence. The awards ceremony is scheduled for October 10, 2021. Avid continues to lead in media technology, providing essential tools for news production and video editing, affirming its commitment to innovation.
Avid has launched MediaCentral | Stream, a software-only solution for ingesting IP streams for news and live TV production. Available immediately, it supports incoming streams from various devices and integrates with both on-premises and cloud-based workflows. This solution streamlines the contribution process, offering a secure, reliable way to manage media content while reducing operational costs and speeding up turnaround times for breaking news. It supports common protocols like RTMP and SRT, ensuring flexibility for users.
Avid has announced a new five-year credit facility worth $180 million and a $70 million undrawn revolving credit line, arranged by JPMorgan. This refinancing is expected to enhance free cash flow by approximately $10 million and increase non-GAAP net income by about $0.22 per share in 2021. The new facility reduces Avid's funded debt by $21 million and cuts the effective interest rate from 7.75% to 3.25%. Avid's improved capital structure supports its growth strategies and overall profitability as they continue to execute on their increasing software subscription model.
Avid, a leading technology provider for the media and entertainment industry, announced that CEO Jeff Rosica and CFO Ken Gayron will present at the 23rd Annual Needham Virtual Growth Conference on January 15, 2021, at 10:00 AM ET. The presentation will be accessible via live webcast and available for replay on Avid's website for 90 days afterward. Avid offers comprehensive tools for content creation, workflow solutions, and licensing options, enhancing media distribution and consumption worldwide.
Avid Technology is reshaping its executive leadership team to enhance its strategic growth, particularly in the subscription software sector. The company has appointed Lior Netzer as SVP & GM of Media Platform & Cloud Solutions and Kevin Riley as CTO, emphasizing expertise in cloud and SaaS. Avid is also focusing on its core audio and video business areas by realigning leadership roles, including Dana Ruzicka and Tim Claman in key positions. These changes aim to optimize customer experience and drive performance while positioning Avid for growth in the evolving media landscape.
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