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Avid has announced the election of John P. Wallace as the new Chair of its Board of Directors, effective immediately, following Peter M. Westley's decision to step down after his appointment as CFO of CuriosityStream Inc. Wallace, a media industry veteran with over 30 years of experience, aims to guide Avid's strategic objectives and growth. He has previously held senior roles at Deluxe Entertainment and NBCUniversal. Westley will remain a director, ensuring continuity in leadership amidst the transition.
Avid has launched its Avid NEXIS | Flex subscription service, allowing media organizations to utilize Avid NEXIS both on-premises and in the cloud with an OPEX payment model. This innovation was revealed at Avid's 2022 Investor Day. Avid NEXIS is recognized as the leading software-defined storage solution, facilitating collaborative video content creation. The subscription model offers customers financial flexibility, enabling gradual migration to cloud-based operations.
Avid (NASDAQ: AVID) announced its Q1 2022 financial results, reporting total revenue of $100.6 million, a year-over-year increase of 6.7%. Subscription revenue rose 32.5% to $33.0 million, reflecting a net increase of 21,200 paid subscriptions. Non-GAAP earnings per share improved 17.9% to $0.33, while net income showed a significant boost of 141.1% to $10.6 million. Despite strong performance, supply chain issues impacted revenue expectations. Avid reaffirmed its full-year guidance amid these challenges.
Avid has launched three new subscription offerings for its widely-used audio production software, Pro Tools, aimed at musicians and audio professionals. Starting at $9.99/month, the offerings include Pro Tools Artist for entry-level creators, Pro Tools Studio for serious producers, and Pro Tools Flex for high-end professionals. Each subscription provides enhanced features, including new virtual instruments and integration with SoundFlow for workflow automation. Current users will automatically receive upgrades, ensuring they have access to the latest capabilities.
Avid, a technology leader in the media and entertainment sector, will host a conference call on May 4, 2022, at 5:30 p.m. ET to discuss its Q1 2022 earnings, which end on March 31, 2022. The earnings report will be released after the market closes on the same day. Investors can register for the Zoom webinar through Avid's investor relations website. Avid's innovative technology solutions empower creators in various media formats, enhancing their ability to make, manage, and monetize content.
Avid showcased its latest technology for remote collaboration at the NAB Show in Las Vegas, in partnership with Microsoft and Haivision. Key highlights included the integration of Media Composer and Microsoft Teams, allowing high-resolution content streaming for seamless collaboration. This feature enhances workflows by enabling real-time feedback and accelerates project completion. MediaCentral Stream and Avid | Edit On Demand services were also demonstrated, broadening cloud-based production capabilities. Market availability of these innovations will be announced later.
Avid has announced the latest version of its Media Composer video editing software, integrating the SRT protocol to enhance speed and productivity for creative teams. This update includes an over-the-shoulder remote collaboration feature, allowing real-time feedback during content reviews. Key features include customizable user interfaces, support for up to 99 video and audio tracks, and distributed processing that offloads intensive tasks to streamline workflows. The SRT protocol ensures secure streaming with AES encryption, facilitating seamless collaboration whether on-premises or in the cloud.
Avid has formed a multi-year agreement with Radiotelevisione Italiana (RAI) to enhance its production workflows for five national broadcast channels. This deal includes upgrades to Avid’s MediaCentral platform, Media Composer video editing software, and the addition of Avid NEXIS storage systems, amounting to six petabytes of storage. The upgrades aim to improve flexibility, scalability, and collaboration while reducing RAI's carbon footprint. Avid's Chief Revenue Officer highlighted the partnership's potential to drive innovation and workflow advantages.
Avid has secured a multi-year agreement with Schweizer Radio und Fernsehen (SRF), enhancing its media production workflows with MediaCentral and Media Composer tools. SRF, Switzerland's largest electronic media company, aims to future-proof its operations with this upgrade. The integration includes Avid NEXIS shared storage for real-time collaboration and scalability for production teams. This partnership, extending over 15 years, emphasizes flexibility and efficiency in content delivery, crucial for SRF's high-output programming.
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