Sonic Foundry Enters Two New High-Growth Markets

Rhea-AI Summary

Sonic Foundry (NASDAQ: SOFO) announced the launch of two new initiatives, Vidable and Global Learning Exchange, targeting high-growth markets in video management and education. With a proven history in video capture solutions, the company aims to capitalize on the growing demand for video content creation and delivery. Vidable, an AI-driven platform, addresses challenges faced by organizations in managing video libraries, while GLX seeks to provide accessible higher education opportunities in emerging markets. Sonic Foundry has already signed MOUs with several universities for GLX and is receiving positive feedback on Vidable.

Positive

• Launch of Vidable, an AI-powered video platform, addressing challenges in video content management.
• Introduction of the Global Learning Exchange (GLX) to provide access to higher education in emerging countries.
• Seven MOUs already signed with prestigious U.S. and U.K. universities for GLX.
• Vidable receiving positive feedback from four different customers, indicating market readiness.

Negative

• None.

Newly identified markets will be supported with two new company initiatives – Vidable and Global Learning Exchange

MADISON, Wis., March 29, 2022 (GLOBE NEWSWIRE) -- Sonic Foundry, Inc. (NASDAQ: SOFO), the trusted leader in video capture, management and streaming solutions as well as virtual and hybrid events, announced that the company is entering into two high growth markets during its Shareholder’s Meeting which was held on March 10, 2022.

Joe Mozden Jr., CEO, summarized company performance to date and outlined new and upcoming plans including two new company initiatives: Vidable and Global Learning Exchange. With a 30-year history developing the best video capture solutions in the market, these new initiatives will solve the current, real-world challenges with the massive creation and consumption of video, from enterprise to higher education.

“Sonic Foundry is in a unique position to absolutely win in these new markets,” said Joe Mozden, Jr., CEO of Sonic Foundry. “Our tenure in the industry has given us valuable insights that we applied to everyday challenges our customers are facing. With the addition of these two new initiatives, we’re confident we can expand into new markets while continuing to provide valuable solutions across industries.” 

Vidable

Bessemer Venture Partners recently forecast a greater than 20% annual growth rate in the global video streaming market from 2020-27. This video boom is becoming untenable for most organizations, its power lost to the inability to efficiently create, enhance and deliver quality enterprise video.

Vidable, Sonic Foundry’s ground-breaking AI-enabled video platform, addresses these timely issues by empowering organizations to effectively leverage their growing video libraries as a seamless solution to create, edit, manage, and host all video content. Vidable is powered by more than one hundred AI-automated data and video enrichment technologies that are easy-to-use and can be applied to any video regardless of source and leveraged by any organization in any category. Additionally, Vidable generates deep insights into how the content is being viewed and valued, providing data insights that customers can act on immediately to drive value from decision making throughout their organizations.

Global Learning Exchange

The Global Learning Exchange (GLX) will enable highly motivated students around the world to attain life changing opportunities and careers through access to world class higher education in a flexible, cost effective, and locally supported environment. 

The global middle class is expected to grow 62% from 2016 to 2028 (Brookings Institution), driving up the demand for higher education in emerging nations where the greatest middle class growth is taking place. Many emerging nations cannot build infrastructure fast enough to meet demand and universities are struggling to find avenues to support these students in their quest for learning. The Global Learning Exchange directly addresses this problem by removing barriers to higher education for students in emerging countries and by going well beyond the low touch model of traditional online programs to provide the much needed in-country local support critical to international student success.

“We are already seeing the power of the GLX, with seven memorandums of understanding (MOU) signed with top tier U.S. and U.K. universities, and we are fast tracking a pilot to launch in fall of 2022,” said Joe Mozden, Jr., CEO of Sonic Foundry. “The Vidable platform is already being used with four different customers and the feedback we are receiving is very positive. We strongly believe in education equity and access for all, and these new initiatives are just the beginning to achieving that goal.”

About Sonic Foundry®, Inc.

Sonic Foundry (NASDAQ: SOFO) is the global leader for video capture, management and streaming solutions as well as virtual and hybrid events. Trusted by more than 5,200 educational institutions, corporations, health organizations and government entities in over 65 countries, SOFO’s solutions including Mediasite Video Platform, Vidable and Global Learning Exchange help its customers capitalize on the power of video to distribute and monetize video content. Learn more at www.sonicfoundry.com.

© 2022 Sonic Foundry, Inc. Product and service names mentioned herein are the trademarks of Sonic Foundry, Inc. or their respective owners.

 

FAQ

What are the new initiatives launched by Sonic Foundry on March 29, 2022?

Sonic Foundry launched two new initiatives: Vidable, an AI-enabled video platform, and Global Learning Exchange, aimed at enhancing access to higher education.

How does Vidable improve video management for organizations?

Vidable empowers organizations to efficiently create, edit, manage, and host video content using AI-automated technologies.

What is the goal of the Global Learning Exchange?

The Global Learning Exchange aims to provide accessible higher education opportunities for motivated students in emerging markets.

What growth forecast is associated with the video streaming market?

Bessemer Venture Partners forecast a greater than 20% annual growth rate in the global video streaming market from 2020 to 2027.

How is Sonic Foundry positioned in the market?

Sonic Foundry is positioned as a leader in video capture and management solutions, trusted by over 5,200 institutions globally, as it enters new high-growth markets.