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.
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Avid has announced the release of Avid NEXIS 2020, enhancing collaborative storage solutions for media creators. This new release offers up to 40% more shared storage, optimized mirroring to prevent data loss, and flexible tiered storage combining on-premises and cloud resources. Key features include new 140 TB and 160 TB media packs and advanced redundancy options for broadcast and live events. This solution aims to support evolving workflow demands, ensuring seamless access and scalability for production teams.
Avid and Dolby Laboratories announce a partnership enabling independent artists to self-distribute music in Dolby Atmos format to major streaming services like Amazon Music and TIDAL. This initiative through AvidPlay allows music creators to maintain 100% of their rights and earnings. Artists can subscribe to a distribution plan via the AvidLink app, facilitating easy uploading of Dolby Atmos tracks. The collaboration aims to revolutionize music distribution, giving emerging artists creative freedom and the opportunity to reach wider audiences through immersive listening experiences.
Avid (NASDAQ: AVID) reported its Q1 2020 results, reflecting a 50.4% year-over-year increase in subscription revenue, driven by a record growth in cloud-enabled software subscriptions. Recurring revenue grew 10% year-over-year, while total revenue fell 16.3% due to COVID-19 impacts. The company implemented a $40 million cost savings plan, reducing operating expenses by 4.1%. Despite a net loss per share of $0.14, Avid anticipates benefits from increasing demand for cloud solutions.
Avid has renewed its strategic alliance with Microsoft for another five years to enhance cloud collaboration for media companies. This partnership focuses on deploying Avid's solutions on Microsoft Azure, enabling global teamwork for content workflows in response to the COVID-19 pandemic. Solutions like Avid | Edit On Demand facilitate remote production, allowing numerous clients to transition smoothly to home-based workflows. Both companies are committed to further technological advancements and innovation in cloud adoption, aiming to provide powerful solutions for diverse media organizations.
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