PALM BEACH, Fla., Jan. 26, 2021 /PRNewswire/ -- The recent rise in popularity of online videos over traditional methods of viewing video content, surge in expenditure on online video advertisements by most of the companies drive the growth of the online video platforms in media & entertainment markets. In addition, rise in scope for live streaming of videos is expected to provide lucrative opportunities for the market growth. Online video platforms facilitate video content owners and publishers with different functions such as transcoding and converting different file formats, ingesting, editing, accessibility and sharing of content, content storage, security of content, content syndication, distribution, monetization and metrics, usage, and engagement analytics. It is mainly used to manage and achieve seamless delivery of the video content to the desired audience in a cost-effective manner. According to Allied Market Research. the global online video platform in media and entertainment market size is projected to reach at $915 million by 2025, growing at a CAGR of 17.50% from 2018 to 2025. Active tech companies in the market this week include Zoom Video Communication, Inc (NASDAQ: ZM), Moovly Media Inc. (OTCPK: MVVYF) (TSX-V: MVY), GameStop Corp. (NYSE: GME), Nutanix (NASDAQ: NTNX), DocuSign, Inc. (NASDAQ: DOCU).
The advantage of delivering video while offering more meaningful interactions provided to the content is the driving force behind the increasing popularity of live streaming of video content. Cloud infrastructure has become primary requirement for companies to utilize cost effective and scalable service that can react to the flow of live streaming. Further, for reaching massive audience freely, consumer-focused platforms, such as YouTube Live and Facebook Live, are increasingly gaining traction in this market. However, professional video service hosts offer advanced security features, enable complex monetization schemes, and consist of tools to ease integration with existing workflows. Furthermore, sports and entertainment are expected to create large demand for live streaming of content owing to several sports events. A similar report from Grand View added: "The global online video platforms market size is expected to expand at a compound annual growth rate (CAGR) of 17.3% from 2020 to 2027."
Moovly Media Inc. (OTCPK: MVVYF) (TSX-V: MVY) BREAKING NEWS: MOOVLY INCREASES STREAMING BANDWIDTH TO SUPPORT OVER 3 MILLION USERS - Moovly Media Inc. ("Moovly" or the "Company") is pleased to announce an increase in bandwidth and enhanced support to its browser-based platform that now serves more than three million users, including more than 300 of the Fortune 500 companies, as well as many government agencies. Moovly has seen a dramatic increase in traffic of video streaming recordings from its enterprise users combined with a significant increase in bandwidth use from short-form video and social media platforms such as Vimeo, Facebook, Tik-Tok, Instagram, Twitter, and Snapchat.
As COVID-19 has changed how businesses, individuals and education environments function, demand to efficiently deliver video-based online content, including webinars, lessons and keynotes, has skyrocketed. These videos are often consumed asynchronously: users view them at a later stage and often in multiple sessions. Organizations often enrich these recorded sessions with subtitles, transcripts, translations, animated visuals and footage – all of which can be done within the Moovly platform.
Brendon Grunewald, CEO of Moovly, commented, "COVID-19 has forced organizations to replace their live lessons, seminars and events by online versions, resulting in hours of recorded videos offered via online video platforms. Increasingly, audiences expect such video content to be offered in enhanced, attractive and compelling ways. We have therefore increased Moovly's capability to process large video files through the user's browser, by implementing streaming technologies. Moovly's users can now edit and enhance hours-long video content without requiring specialist and expensive hardware". Read this full release and more news for Moovly at: https://www.financialnewsmedia.com/news-mvy/
Other recent developments in the tech industry include:
Zoom Video Communication, Inc (NASDAQ: ZM) recently announced that it has sold one million Zoom Phone seats shortly before it reached the two-year anniversary of the product's general availability. This impressive growth illustrates the value Zoom Phone brings to customers with its strong service performance, reliability, security, enterprise-grade features, seamless integrations, and simplified pricing model.
Zoom Phone is a core product in Zoom's unified communications platform, which also includes Zoom Meetings, Zoom Chat, Zoom Rooms, and Zoom Video Webinars. Zoom Phone offers enterprise-grade features such as centralized management, contact center integration, and global call routing, rolled into a modern user experience with a simplified pricing for straightforward global implementation. Two years after its inception, it now offers service in dozens of countries and territories around the globe.
GameStop Corp. (NYSE: GME) recently reported worldwide sales results for the nine-week holiday period ended January 2, 2021 reflecting a 4.8% increase in comparable store sales and a 309% increase in E-Commerce sales. Total sales declined 3.1% driven by an 11% decrease in the company's store base due to its planned de-densification strategy, temporary store closures around the world due to government mandates and lower store traffic, particularly later in December, due to the significant impacts of COVID-19. The Company believes the industry-wide traffic decline during the Holiday period adversely impacted comparable sales for the nine-week period in the high single-digit to low double-digit percentage point range. In addition, significant worldwide supply chain constraints impacted the ability to distribute products to customers across all sales channels. However, the Company experienced unprecedented demand for recently launched gaming consoles, and while consumer demand far outpaced constrained supply in the nine-week period, the Company believes these products will drive sales well into 2021 as console availability from our suppliers improves later in the year.
Nutanix (NASDAQ: NTNX), a leader in private cloud, hybrid and multicloud computing, recently announced that Nutanix is helping educational institutions globally respond to the COVID-19 pandemic. Klein Independent School District (KISD), Millard Public Schools, and Loudoun County Public Schools, three school systems in the U.S. with more than 163,000 students combined, are examples of the many educational institutions that have selected Nutanix to provide their students, faculty and staff the tools they need to support distance learning.
Due to tightening budgets, many educational institutions have not had the resources to modernize their IT operations, leaving them to scramble to find the right solution when the pandemic hit. The recently released annual Enterprise Cloud Index shows that nearly half (47%) of education respondents cited providing "adequate communications channels among employees, customers, and clients" as a top challenge, much higher than the global average. However, the education sector is making transformation a focus, with more respondents than average identifying digital transformation (54%) as a priority as a result of COVID.
DocuSign, Inc. (NASDAQ: DOCU) recently announced that it has closed its offering of 0% convertible senior notes due 2024 (the "notes") for gross proceeds of $690.0 million, including the full exercise of the $90.0 million option to purchase additional notes granted by DocuSign to the initial purchasers. The notes were sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Act").
The notes are general unsecured, senior obligations of DocuSign that do not bear regular interest, and the principal amount of the notes will not accrete. The notes mature on January 15, 2024, unless repurchased or converted in accordance with their terms prior to such date. Prior to October 15, 2023, the notes are convertible at the option of holders only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the notes may be settled in shares of DocuSign common stock, cash or a combination of cash and shares of DocuSign common stock, at the election of DocuSign.
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