Bitmovin Signals Impressive 2024 Ahead With Strong Growth in Q1, followed by successful NAB Show
Bitmovin has started 2024 with an unprecedented level of Q1 growth and celebrates with a number of high-profile internal promotions.
Denver(22 May 2024)
Bitmovin, a leading provider of video infrastructure solutions, has made a clear statement that 2024 is a year for growth in the media industry through its own Q1 figures and a hugely successful NAB Show. This growth comes at the tail end of a period of economic turbulence within the industry that many have had to weather. Bitmovin’s growth is one part of a chain that reveals how streaming and video remain a key priority for the entertainment industry and beyond.
Q1 2024 was the biggest quarter in annual recurring revenue (ARR) bookings for Bitmovin since Q4 2020, a time when the industry invested in better experiences to keep people entertained across the globe during COVID-19. Looking at this quarter on quarter, total bookings across the business are up by 35% in Q1 2024 compared to Q4 2023, and over 100 new customer logos, which provided a solid foundation for Bitmovin to achieve its ambitious growth goals for 2024.
Stefan Lederer, CEO & Co-Founder of Bitmovin, commented: "??This quarter is our stake in the ground. It says - there’s no going back, there is only growth in our future. With the world having just emerged from multiple years of extremely challenging macroeconomic conditions, the past quarter clearly demonstrates that the video and media industry has evolved during a time of struggle - and evolved for the better. It has pushed us to create new solutions, more innovative products, and seamless experiences whilst also leading the industry to prioritize sustainability as it becomes a key criteria in purchasing decisions.”
Where is the growth coming from?
Of the new ARR booked in Q1 2024, 85% originated from new logos, a remarkable result compared to previous quarters. This included one of the largest contracts made in Bitmovin’s history that came via a large cloud partner, several cloud marketplace transactions with large media & entertainment customers, and many new customers outside of media.
When looking at Bitmovin’s growth, it can be attributed to a number of key performance factors. Firstly, these are innovations for its solutions, including updates to its Live Encoder, the Bitmovin Analytics AI Session Interpreter, and Bitmovin’s migration features for Azure Media Services customers, to name just a few. Secondly, Bitmovin has continued to strengthen its industry partnerships, announcing its Live Encoder now runs on Akamai Cloud Computing and ensuring its compatibility with Yospace’s Server Side Ad Insertion (SSAI); the availability of Bitmovin Playback on Google Cloud Marketplace and a partnership with Alpha Networks. Furthermore, Bitmovin also publicly announced several new customer announcements, including Graham Media Group, OneFootball, Plex, Swisscom and Zattoo, a major social media network, and a premium US-based broadcast company.
Placing trust in existing talent
Over the course of Q1 2024, Bitmovin made a series of significant promotions within the go-to-market team, including Gary Hunsberger to SVP of International Sales; Troy Hass to SVP of Customer Experience; Brandon Zupancic to VP of Business Development and Partnerships and Hannah Cresswell to Head of Marketing.
“At Bitmovin we truly believe in nurturing talent and placing trust within our team. These internal promotions are a clear demonstration of this culture that we have developed, show the strong talent base that Bitmovin has, and are based on the outstanding achievements of those team members. It also helps to demonstrate to other team members that no matter where you start within this business you can grow here alongside us.” concluded Lederer.