Avid Technology Stock Price, News & Analysis

Avid (Nasdaq: AVID) has announced a significant upgrade for Atresmedia, a Spanish media conglomerate, to enhance remote workforce collaboration and efficiency through Avid's subscription-based tools. This agreement includes upgrading user seats on the MediaCentral platform and Media Composer software. The deal aims to allow Atresmedia to scale operations effectively and produce high-quality content under tight deadlines. Additionally, Atresmedia gains access to Avid Learning Central to support ongoing training for its teams.

Avid showcased its innovations for remote working and team collaboration at IBC2022, featuring 20+ technology partners. Key highlights include:

• Cloud-based production solutions.
• Collaborations with Adobe, Microsoft, and NVIDIA.
• Integration of advanced technologies for enhanced media workflows.

Ray Thompson emphasized the industry's shift towards cloud workflows, highlighting the need for efficient remote collaboration tools. The event runs from September 9-12 in Amsterdam, focusing on key areas like content security, broadcast automation, and video editing.

Avid showcased innovative cloud-enabled solutions at IBC2022 to enhance content creation workflows. Highlights include the launch of Avid NEXIS | EDGE for concurrent remote editing, new MediaCentral extensions for improved collaboration, and enhanced scalability with next-gen NEXIS storage. A tech preview demonstrated integration with Microsoft Teams for real-time collaboration. The event featured discussions on MovieLabs’ 2030 vision for media creation, emphasizing Avid's commitment to advancing operational agility for media teams, enabling secure, efficient editing and production from any location.

Avid (NASDAQ: AVID) reported strong financial results for Q2 2022, with total revenue reaching $97.7 million, a 3.0% year-over-year increase. Subscription revenue surged to $34.1 million, marking a 58.7% increase, attributed to over 450,300 cloud-enabled software subscriptions. Net income stood at $7.4 million, while Non-GAAP earnings per share rose to $0.26. However, supply chain challenges affected the shipment of significant orders, impacting the overall performance. Looking ahead, Avid expects continued demand but has adjusted revenue guidance due to ongoing supply chain uncertainties.

Avid Technology has announced a three-year agreement with Amazon Studios to utilize its Media Composer editing tool, NEXIS storage, and MediaCentral platform through Amazon Web Services. This collaboration aims to enhance cloud-based editorial capabilities for Amazon's original movies and series, improving productivity and collaboration for creative teams worldwide. The transition to cloud solutions will streamline workflows and protect production assets. Avid and Amazon expect cloud-ready solutions by Q4 2022.

Avid announced the addition of SRT (Secure Reliable Transport) support in its Avid | Edit On Demand platform, enhancing cloud-based collaboration for content review. This feature enables secure streaming of video and audio from Media Composer to any device with an SRT decoder, providing real-time playback capabilities. The update allows distributed teams to collaborate effectively, mimicking traditional setups while ensuring high security and fast feedback loops. This innovation aims to improve project turnaround times by facilitating efficient remote workflows.

Avid has announced a new subscription model for its Media Production in the Cloud solution, enabling distributed TV news and sports teams to collaborate on workflows from anywhere. This cloud-based service allows journalists to access and manage content remotely, facilitating quick news delivery across platforms. The integration with existing MediaCentral workflows, Avid NEXIS cloud storage, and MediaCentral | Stream provides a seamless experience. Avid's solution aims to enhance cloud production without requiring extensive retraining or infrastructure overhaul.

Avid (NASDAQ: AVID) will host a conference call on August 2, 2022, at 5:30 p.m. ET to discuss its Q2 2022 earnings, following the market close. Executives Jeff Rosica and Ken Gayron will present highlights and insights. Additionally, Avid will participate in the Oppenheimer 25th Annual Technology, Internet & Communications Conference on August 9, 2022, featuring a group presentation at 8:15 a.m. ET, accessible via live webcast. Investors can register for both events on Avid’s investor relations website.

Avid has announced the launch of the Avid NEXIS F-series storage engines alongside the Avid NEXIS | VFS virtual file system, enhancing remote media production capabilities.

These solutions provide secure, scalable access to media and metadata, accommodating performance speeds exceeding 30 GB/s. The new systems support collaboration across multiple locations, enabling teams to handle complex workflows seamlessly.

Additionally, Avid NEXIS | FLEX subscriptions are now available, allowing for flexible financial models and cloud migration for users.