Video infrastructure software specialist Bitmovin said it has defied the recent economic downturn and experienced growth in the third quarter and 2023 as a whole.
Bitmovin said growth in turbulent times like these demonstrates that streaming is still a key priority for many media businesses as they look to capitalise on high consumer expectations.
Stefan Lederer, CEO and co-founder of Bitmovin, said: “The software and indeed tech industry as a whole is undergoing the biggest market correction since the dot-com bubble nearly 25 years ago. Despite all of this, Bitmovin is still demonstrating growth amidst tough macroeconomic conditions, which is a testament to the hard work of our team and Bitmovin’s dedication to innovating cutting-edge solutions.”
Bookings in Q3 2023 were up 210% compared to the same period last year and close to the previous two quarters combined driven by new logos and OEM deals. Additionally, net new annual recurring revenue was 320% higher.
Bitmovin also announced customers such as ORF, The Recording Academy, RÚV Iceland, Television New Zealand and ViewLift. Additionally, Easel TV has chosen Bitmovin’s live and VOD encoding for the processing of both live and on-demand content.