Video infrastructure solutions provider Bitmovin claimed that its first-quarter figures indicate that 2024 “is a year for growth in the media industry” following a period of economic turbulence.
According to Bitmovin, its growth is “one part of a chain that reveals how streaming and video remain a key priority for the entertainment industry and beyond”. It said Q1 2024 was the biggest quarter in annual recurring revenue (ARR) bookings for Bitmovin since Q4 2020.
“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,” the company stated.
Stefan Lederer, CEO and co-founder of Bitmovin, said: “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 prioritise sustainability as it becomes a key criteria in purchasing decisions.”
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