Bitmovin Q1 “our stake in the ground”
May 22, 2024
Bitmovin, a provider of video infrastructure solutions, has reported that its Q1 2024 was the biggest quarter in annual recurring revenue (ARR) bookings for the company since Q4 2020, a time when the industry invested in better experiences to keep people entertained across the globe during the pandemic.
Looking at this quarter on quarter, total bookings across the business are up by 35 per cent in Q1 2024 compared to Q4 2023, and over 100 new customer logos, which provided a solid foundation for Bitmovin to achieve its 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 prioritise sustainability as it becomes a key criteria in purchasing decisions.”
Of the new ARR booked in Q1 2024, 85 per cent originated from new logos, a strong 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.
The company says its growth 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, among others. 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.
Over the course of Q1, Bitmovin made a series of 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.