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 reported Q4 2022 revenue of $116.1 million, reflecting a (2.5%) decrease year-over-year, impacted by a $3.3 million non-cash adjustment. Adjusted EBITDA stood at $24.8 million, down (0.6%) year-over-year, while net income surged 66.0% to $25.3 million. Subscription ARR reached $141.3 million, marking a 37.1% increase, with total ARR at $244.9 million—up 10.2%. Avid exceeded 500,000 paid Cloud-Enabled Software Subscriptions. For 2023, guidance includes ARR of $270-$280 million and revenue between $447-$472 million.
Avid, a leading technology provider for the media and entertainment sector, has announced a conference call scheduled for March 1, 2023, at 5:30 p.m. ET. The call will cover the company’s fourth-quarter and full-year earnings for 2022, ending December 31, 2022. Avid encourages investors to register for the Zoom webinar available through their investor relations website. The company has built its reputation over 30 years, originally innovating nonlinear digital video editing, and continues to empower creators in various media fields through advanced tools that enable collaboration and monetization of content.
Avid has announced the launch of its new Pro Tools Scripting Software Development Kit (SDK) on February 16, 2023, aimed at enhancing audio workflows through automation. This free SDK supports both Windows and Mac operating systems, allowing developers to streamline tasks such as session management and exporting in various formats. The initiative is set to foster greater collaboration and creativity among audio production teams, with a focus on providing a more open and flexible environment. Avid’s SDK is expected to facilitate new applications and integrations, marking a significant step forward in audio production technology.
Avid has announced an upgrade to Media Composer that streamlines collaborations between editorial and audio teams by allowing complex sequences to be exported directly into Pro Tools in one step. This feature is expected to accelerate project completion and reduce errors. Enhanced audio capabilities include support for the MBOX Studio audio interface, enabling high-quality recording and monitoring. Other improvements include simplified media management, an intuitive user interface for new users, and enhanced remote editing capabilities. These developments aim to meet industry demands for more efficient workflows in post-production.
Avid has announced significant updates to its MediaCentral workflow platform, introducing the MediaCentral | Acquire IP-based ingest scheduler. This new feature allows media companies to automate ingest scheduling and supports remote collaboration, enhancing production efficiency. The updates aim to help broadcasters manage workflows more effectively amid increasing content demand. Key features include improvements in hybrid working support and enhanced synchronization capabilities across multiple sites, allowing teams to work collaboratively regardless of location.
Danish broadcaster TV MIDTVEST has signed a multi-year agreement with Avid (NASDAQ: AVID) to upgrade its broadcasting capabilities, transitioning to Avid’s MediaCentral | Flex subscription software. This strategic move aims to enhance the reliability and scalability of the broadcaster's news production. The agreement includes licenses for Avid’s MediaCentral production platform and Media Composer Enterprise editing software, allowing access to Avid's latest newsroom solutions and collaborative tools, thus future-proofing TV MIDTVEST's media operations.
Avid has promoted Deb Sanders to Chief Customer Officer & Senior Vice President, effective immediately, to enhance customer operations globally. Sanders, who joined the company in 2019 as Vice President of Global Customer Care, brings 25 years of experience in leading service delivery transformation. She succeeds Kathy-Anne McManus, who has left the company for a new opportunity. CEO Jeff Rosica expressed confidence in Sanders’ ability to inspire customers and lead the team as Avid focuses on subscription growth and cloud services for media creators.
On November 16, 2022, Avid (NASDAQ: AVID) announced participation in two notable investor conferences. Jeff Rosica, CEO, and Ken Gayron, CFO, will host fireside chats at the Credit Suisse 26th Annual Technology Conference on November 29, 2022, at 9:35 AM ET, and at the UBS Global TMT Conference on December 6, 2022, at 4:40 PM ET. Both events will be accessible via live audio conference, with replays available for 30 days. These engagements underscore Avid’s commitment to innovation in the media and entertainment industry.
Avid (Nasdaq: AVID) has reminded customers globally about available product support options in light of the rise of fraudulent Twitter accounts impersonating companies. Customers are encouraged to utilize various support channels, including Avid's online user communities, the Avid Link desktop app, and the Avid Knowledge Base. The company suggests refraining from using Twitter for support until the platform can control the issue of illegitimate accounts. Avid continues to enhance its technology solutions for content creators across various media industries.
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