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.
For more information, visit www.avid.com and join the conversation on social media.
The Avid Customer Association (ACA) has expanded its executive board by appointing four notable film and television creators: Shannon Baker Davis, Bobbi Banks, Monica Daniel, and Eric Johnson. Their diverse expertise will help the ACA better represent the media technology community, which comprises over 30,000 members. The board focuses on fostering collaboration and addressing industry changes. ACA co-chair Richard Friedel and CEO Jeff Rosica emphasized the importance of diverse voices in shaping customer experiences and industry innovations. The ACA also recently launched its annual Avid Customer Vote, allowing members to prioritize product innovations.
Avid has launched the annual Avid Customer Vote, allowing users to influence the company's innovation strategies and product roadmaps. Voting is open until December 30, 2020, and the results will be announced in January 2021. This initiative emphasizes collaboration within the media technology community, with participation from professionals across over 100 countries. Avid's commitment to respond to user feedback has resulted in significant enhancements, including updates to Media Composer and Pro Tools | Carbon.
Avid has partnered with Belmont University to enhance its media and entertainment studies program starting January 2021. This collaboration includes a five-year software subscription for several hundred seats of Avid’s industry-standard tools, Media Composer and Pro Tools, alongside the MediaCentral platform for remote collaboration. Additionally, Belmont will upgrade its Dolby Atmos theater with the new Avid S6 audio control surface. The initiative aims to empower students with cutting-edge technology and foster creativity in storytelling, ensuring they graduate with the necessary skills for the evolving media landscape.
Avid has launched Pro Tools | Carbon, a new audio interface designed for artists, bands, and producers to enhance recording quality. With HDX DSP technology, it offers low-latency performance and integrates seamlessly with Pro Tools, allowing real-time recording through effects. Priced at $3,999, it includes a one-year subscription and partner plugins. The system supports both individual musicians and full bands, featuring high-quality preamps and advanced connectivity. Avid aims to make professional audio tools accessible to all music creators.
Avid has launched an enhanced version of its MediaCentral platform, streamlining workflows for news, sports, and post-production teams. The introduction of mobile apps and third-party NRCS integration enhances collaboration, allowing journalists to produce stories from any location. The MediaCentral | Collaborate app facilitates resource alignment and assignment management, while the MediaCentral | Reporter app enables content creation and delivery on mobile devices. Additionally, Avid has announced a subscription licensing model for MediaCentral, optimizing investment for production organizations.
Avid (NASDAQ: AVID) reported strong financial results for Q3 2020, with total revenue of $90.4 million, marking a 14.1% sequential growth. Subscription revenue surged 73.9% year-over-year, driven by a net addition of approximately 27,000 paid subscriptions, bringing the total to 269,000. Operating income increased by 56.1% to $13.1 million, supported by a 250 basis point rise in gross margin to 64.4% and reduced operating expenses. Notably, Avid generated $15.5 million in free cash flow, fully repaying a $22.0 million credit facility. The company anticipates continued recovery in demand.
Avid has announced a conference call on October 28, 2020, at 5:30 p.m. ET to discuss third-quarter earnings, with details available post-market close. Jeff Rosica (CEO) and Ken Gayron (CFO) will lead the call. Dial-in number is 323-289-6576, confirmation code 4778505. A replay will be available via the provided channels. Avid, a key player in media and entertainment technology, offers solutions like Media Composer, Pro Tools, and Avid NEXIS, underscoring its commitment to content creation and distribution.
Avid (NASDAQ: AVID) has launched the MediaCentral | Panel for Adobe Premiere Pro, facilitating collaboration for content creators and video editors within Avid production environments. This lightweight software plugin allows Premiere Pro users to manage assets and workflows seamlessly. Available in early October, it aims to enhance media production efficiency for digital-first and broadcast teams. The company also plans to host a webinar on this new integration on Sept. 24, 2020, to educate the creative community.
QSR Systems has signed a 10-year software subscription agreement with Avid (NASDAQ: AVID) to enhance its support for film and broadcast clients. This agreement doubles the available pool of Media Composer editing system licenses, enabling both on-premises and cloud access. The collaboration aims to meet the evolving needs of content creators while ensuring flexibility in production workflows. QSR Systems has enjoyed a partnership with Avid for over 15 years, emphasizing the importance of adapting to changing demands in the media industry.
Avid, a leader in media technology, announced participation in two major investor conferences in September 2020. CEO Jeff Rosica and CFO Ken Gayron will engage in a fireside chat at the Jefferies Virtual Software Conference on September 15 at 9:30am PT. The event will be accessible via an audio webcast on Avid’s website for 180 days post-event. Additionally, Ken Gayron will attend the 5th Annual Colliers Securities Institutional Investors Conference on September 10. Avid’s innovative solutions empower media creation, collaboration, and distribution across various platforms.
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