Bitmovin has seen some of its strongest growth in company history over Q3 and 2023, demonstrating it’s possible for companies in this space to thrive and not just survive.
VIENNA, Austria, 31st October 2023 – Bitmovin, a leading provider of video infrastructure solutions, has defied the recent economic downturn and has experienced impressive growth in Q3 and 2023 as a whole. Despite tough economic circumstances, as reflected by the entertainment industry creating new revenue streams throughout 2023, Bitmovin remains a growing company. Growth in turbulent times like these demonstrates that streaming is still a key priority for many media businesses as they look to capitalize on high consumer expectations
Stefan Lederer, CEO & Co-Founder of Bitmovin, commented: “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.
The standout performance for Bitmovin is reflected in its impressive financial results. 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 of Q3 exceeded the one of Q3 2022 by an impressive 320% Furthermore, Bitmovin retained its market leadership in the Media and Entertainment sector and 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 to ensure swift processing of both live and on-demand content.
“At Easel TV, we enable our clients to easily and quickly implement and launch end-to-end streaming services. With Bitmovin’s VOD and Live Encoder, we are able to make content available in the highest quality which is vital for live sport streams. With Bitmovin’s extensive feature set and a clear roadmap, we can offer our clients the latest functionality while setting them up for the future. Bitmovin has become an essential and seamless part of our video workflow.” Bill Scott, COO & Co-founder of Easel TV
Bitmovin also successfully continued the expansion of its self-serve offering through its Streams product which resulted in over 200 new customers in 2023. An additional factor of Bitmovin’s success in the New Media market is the availability of its solutions in major industry marketplaces, such as AWS Marketplace, Google Cloud Marketplace, and Microsoft Azure Marketplace, which accounted for over a quarter of the 216 new customers. Furthermore, Bitmovin was named as a recommended replacement for Microsoft’s Azure Media Services, which will be retired in June 2024.
Bitmovin’s success can be attributed to several factors within its overall strategy and story. The company remains committed to democratizing video experiences and delivering the highest quality for consumers worldwide. As a scale-up with flexibility at its core, Bitmovin leverages agility to adapt quickly in changing environments. Furthermore, Bitmovin continues to develop industry-leading products and features, including Smart Chunking, Player X, and ECO Mode for the Player. These developments further underscore Bitmovin’s commitment to pushing boundaries in the video infrastructure space and evidence why there has been such rapid growth.
“The combined power of our products and industry partnerships have been key drivers of our growth over the past year, and we will continue to build on this blueprint in 2024. We’re confident that we have the right team, strategy and mindset to continue growing and we’re confident 2024 is already shaping up to be an incredibly exciting and successful chapter for us.” concluded Lederer.