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.
Avid has launched the Works with Avid On Demand program, enhancing workflow capabilities for customers by integrating certified tools and applications from various third-party vendors. The program debuted with 12 partners, expanding Avid | Edit On Demand, a cloud-based editorial solution, with features like file ingest and remote content review.
Tim Claman, Avid’s SVP, emphasized the program's flexibility, allowing users to customize their workflows as needed. Notable partners include Adobe, Microsoft, and EVS, contributing to enhanced collaboration in media production. The program aims to streamline workflows for media organizations, particularly in film, television, and sports.
Avid (NASDAQ: AVID) has expanded its partnership with GBH, enhancing audio production capabilities at The OutPost, GBH's award-winning facility. A second Avid S6™ console has been introduced to improve collaboration in audio mixing. This upgrade allows mixing engineers to work on complex sessions more efficiently, meeting tight deadlines while supporting various formats, including Atmos. Throughout the pandemic, GBH leveraged Avid's enterprise solutions, transitioning more than 75 edit suites to remote access, maintaining seamless collaboration through advanced cloud technologies. Additionally, GBH upgraded its Avid storage to 1.5 petabytes, ensuring interoperability among editing platforms and bolstering cloud-based workflows.
Avid has launched the Avid NEXIS | Cloud Nearline Storage to offer cost-effective data storage solutions for content creation teams. This service is designed to complement the Avid | Edit On Demand cloud-based SaaS solution, enabling users to store and access large volumes of shared content more affordably. The nearline storage tier reduces per-terabyte costs compared to traditional online storage while maintaining easy accessibility for long-term assets like camera originals and stock footage. This move positions Avid NEXIS as an industry standard for collaborative content creation, enhancing flexibility and efficiency for media production teams.
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