SEATTLE, Sept. 4, 2019 /PRNewswire/ -- Panopto, a leading enterprise video platform provider, announced today that it has accelerated the rapid year-over-year growth the company has produced annually since its founding in 2007.
For the company's most recent fiscal year, ending June 2019:
- New worldwide enterprise and education bookings grew 56% and 25%, respectively, over the prior twelve months
- ARR renewal rate increased to 95.1%, up from 94.3%
Significant Growth Across Enterprise and Education Markets
Worldwide, Panopto increased new bookings with enterprise business customers by 56 percent. Growth was particularly strong in North America, where new bookings increased 64 percent.
The company continued its strong track record of success with corporate training and communications teams, and also experienced accelerating demand for a new use case: serving as a searchable library for companies recording their internal meetings. In fiscal year 2019, Panopto customers recorded hundreds of thousands of hours of internal meetings, citing three primary reasons for doing so: improving employee productivity, preserving institutional knowledge, and reducing liability by maintaining digital records of meeting interactions.
Already an established leader in higher education video management, Panopto increased its worldwide academic new bookings by 25 percent in 2019. In 2019 Panopto also became the first video platform provider to join the Internet2 NET+ program. Internet2 is a non-profit technology community founded by the nation's leading higher education institutions. The NET+ Panopto service offers Internet2 member institutions discounted pricing, simplified purchasing with a common customer agreement, and secure, reliable streaming delivered over the Internet2 Network. To ensure that Panopto met the diverse requirements of Internet2 members, the company completed a rigorous, two-year service validation process with I2 institutions. These institutions performed a comprehensive review of Panopto's functionality, security, identity, accessibility, compliance, network architecture, and legal terms.
Significant Growth in Customer Usage
Panopto's momentum is also reflected in the accelerating use of its cloud video platform. Active viewership increased 22 percent, and Panopto Cloud customers now stream almost 3 million hours (more than 300 years' worth of video) every month to millions of viewers around the world. In aggregate, businesses and universities have amassed nearly 11 million videos in the Panopto Cloud, making Panopto the largest repository of expert learning videos in the world. As usage of Panopto has accelerated, the company's cloud video platform maintained an average uptime of 99.98 percent over the last 12 months.
Included among Panopto's new customers in fiscal year 2019 are Athena Health, Bank of Singapore, Bankers Life, City National Bank, Dana Corporation, Freeport-McMoRan, Georgetown University, MIT Sloan School of Management, Nike, Palo Alto Networks, Slack, Sorbonne Université, Stanford University, University College London in Qatar, University of Chicago, and Valvoline.
Video Platform Innovation
In the last year, Panopto delivered product innovations that extend its lead in the video platform market. These include:
- A new video player optimized for online learning, bringing updated video quizzing, search, discussions, and closed-captioning to Panopto's mobile and embedded video experience
- A new video analytics suite with a complete reporting dashboard that provides insights into video viewing trends and engagement
- Best-in-class live video analytics powered by Hive Streaming
- New Section 508-compliant video captioning services that cost as little as $1.00 per minute
- An open standard for integrating video collections so that they can be imported into a central repository and streamed securely to any device
- Expansions to its cloud infrastructure, including a new Singapore-based video hosting option for customers in the Asia-Pacific region
- Video library migration programs for customers of Tegrity, Kaltura, Mediasite, Echo360, Ensemble, and Yuja interested in switching to Panopto
- New partnerships and integrations with Epiphan, Extron, Blackboard Ultra, Shuttle, Matrox, InPlayer, Synergy SKY, WolfVision, Panasonic, Sony, and more
As the enterprise video platform market matures, Panopto has established itself as both a reliable leader in the space as well as a customer favorite. The company's Net Promoter Score of 53 places Panopto at the top of the video content management industry, ahead of tech titans Apple (47), Microsoft (45), Google (11), and Amazon (7), and far above the Software and Apps industry average (31).
Industry Awards and Recognition
In the last 12 months, Panopto has also received accolades from industry research groups and the media for its completeness of vision, ability to execute, and business growth. Recent honors include:
- Named a "Leader" in enterprise video for the fourth consecutive time in Gartner's 2018 Magic Quadrant for Enterprise Video Management report
- Named a "Leader" in enterprise video for the second consecutive year in Aragon Research's 2018 Globe for Enterprise Video report
- Named a "Champion" among enterprise video platforms in Wainhouse Research's 2018 Video Solutions for Corporate Learning report
- Included for the sixth consecutive year in Streaming Media's 50 Companies That Matter Most in Online Video 2019 report
- Named a "Platinum" winner among Lecture Capture solutions in Campus Technology's Readers' Choice Awards
- Recognized for the second year in a row by Fortune Magazine as one of the nation's Best Small Workplaces
Panopto's highest honors, however, continue to be the decisions made by businesses and universities around the world to choose Panopto. As of August 2019, 21 of the top 25 universities worldwide according to the Times Higher Education World University Rankings now use Panopto's video platform for video content management.
Panopto is how professionals share knowledge. Since 2007, the company has been a pioneer in video capture software, video content management systems, and inside-video search technology. Today, Panopto's video platform is the largest repository of expert learning videos in the world. Headquartered in Seattle, with offices in Pittsburgh, London, Hong Kong, and Sydney, Panopto has received industry recognition for its innovation, rapid growth, and company culture. For more information, visit www.panopto.com.