Amagi Clocks 120% YOY Revenue Growth
Amagi, a global provider of cloud-based SaaS technology for broadcast and streaming TV, reports year-over-year quarterly revenue growth of 120% for the quarter ending September 2020. The company now supports more than 400 channels on its platform for a variety of services — linear channel creation, distribution and monetization, with more than 1,000 delivery end points.
The company said contributing to the growth is the surge in cloud adoption by traditional broadcast TV networks, further accelerated by the pandemic situation. Having access to broadcast workflows from the safe confines of homes, managing distributed workflows and ensuring business continuity have propelled cloud technologies to be a game-changer for the industry.
Baskar Subramanian, Amagi co-founder and CEO, said: “2020 is a pivotal year for Amagi as we establish ourselves as the leader in the cloud-based video distribution and monetization business. We enable traditional broadcast TV networks to virtualize their entire broadcast operations, delivering cost efficiencies of nearly 40%-50%. At the same time, we are partnering with global content publishers to enable wider distribution and monetization of their content on streaming platforms.”
Over the year, the company has expanded its streaming TV footprint across all major connected TV and free ad supported TV platforms such as The Roku Channel, Samsung TV Plus, XUMO, PLEX, VIZIO, Redbox, and Pluto TV among others.
Amagi has helped launch 150-plus streaming channels with more than 500 distribution end points to the platforms over this period. More than 1 billion ad opportunities on a monthly basis are catered through its Thunderstorm SSAI platform. According to the company, its streaming TV business segment has grown by 20 times, contributing nearly 48% of overall revenues.
Amagi continued its global hiring in COVID times. The company added 40 positions this year and aims to add another 100 employees at its software development center by March 2021. Additionally, Amagi said it looks to double its team size in the U.S. to enhance product and service capabilities for its North America clients who contribute nearly 70% of the company’s revenues. It is also set to double its team in Europe- its second-largest market that has recorded impressive growth in client roster.
Amagi clients include A+E Networks UK, CuriosityStream, Discovery Networks, Fox Networks, NBCUniversal, People TV, Tastemade, VICE TV, Tegna, and Warner Media, among others. Amagi has deployments in more than 40 countries.