A Message from the Bitmovin Founders
To our loyal customers, partners, readers, friends, and hard-working Bitmovers; I hope everybody enjoyed a restful and calm holiday season – it was well deserved and much needed. 2019 was a rollercoaster, with challenges, mistakes, a lot of hard work and great accomplishments. Thank you for helping us shape the future of video.
Growth through learning
2019 was transformational for us and we matured greatly as an organization. We started the year as an early-stage startup that had recently found its product-market fit. In under 12 months, we’ve become a growth-stage startup positioned to evolve into a scalable machine and a market leader in video technology.
This becomes clear if we think about where we were just a year ago. As of December 2018, we competed heavily with the other companies for market share in the Encoding, Video Player, and Video Analytics space. Day-by-day and month-by-month we were able to win customers over, persuading them to leave our key competitors and join us. These wins provided invaluable learnings, from improved product offerings to organizational & sales strategies to how our internal teams function.
Facing a brand new year and decade, we’ve become much stronger and will continue winning new deals against our competition, with the ultimate goal of becoming the leader in encoding and player solutions for OTT & VOD, combined with a great up-and-coming analytics product that outperformed and continues to exceed our expectations. In the last year, we won many pivotal encoding deals with established broadcasters and media organizations (like La Liga, Red Bull Media House, and many many more). We also deployed our analytics with great customers, such as Multichoice. These are just a few of the huge successes that come as a result of countless nights and many weeks of hard work. Thank you to our dedicated sales, solutions, and engineering teams for your incredible contributions.
Shaping the Future of Video
This transformation was anything but easy: not everything went well, and we made many mistakes in the past year. But like any successful business – we took every failure, error, and/or win as a learning experience; improving with every step, and setting ourselves up for success in the coming years.
Our marketing, sales and solution teams became better and more efficient, bringing us to more than 100% growth in revenue bookings compared to Q4 the previous year! That’s awesome, and congratulations to the whole company! This growth is fueled by our presence in the market, supported by powerful new content and effective global events. With these resources in place, we’re working on building and improving the reputation of Bitmovin, therefore increasing the subsequent customer interest and sales pipeline growth every quarter.
The future of video grows increasingly brighter. Bitmovin is involved in countless brand and industry-related projects, including our new website, internal company values, the video developer network, and a large research project in the ATHENA Christian Doppler (CD) Pilot Laboratory in collaboration with the Alpen-Adria University Klagenfurt and 10 of its brightest Ph.D. students.
It’s amazing to see how we’ve addressed so many challenges in all these areas over the last 12 months, working hard to improve in all areas, coming out so much better and stronger. Thanks for all the hard work, and congratulations to the team on these accomplishments! This progress is going to continue in 2020, where we’ll continue to develop new product features, increase our sales performance, our margins, and attain a healthier burn rate.
Media industry turning point
Not only was 2019 a transformational year for Bitmovin, but it was also transformational for the media industry as a whole. For many years, online video was considered simply a side project for most media companies, but that finally changed in 2019 with the launch of Disney+. The mega-media conglomerate’s move into digital is a great example of how media companies are making huge bets to transform their business towards OTT, and many more will follow suit.
Bitmovin is at the center of that shift with our customers. All of these organizations understand that the future of their business is based on online distribution. Bitmovin will enable these companies to build out their online video stack with the fastest time-to-market, the highest quality video imaginable, with the most cost-efficient operations in the space. Our products, teams and go-to-market strategies are perfectly situated to take over as the premier video technology provider to these companies and services.
2020 is going to be an important year for us, especially in the coming quarter. We need to prove that we can continue on the track that we are currently on, that we can hit our sales, margin and burn goals, that we’ll continue to deliver outstanding products, and that we can make all of our new customers successful. With this, we have the opportunity to continue our journey to becoming the leading company in the vid tech space.
Given the growth of the industry and the increasing demand for our products and services, the coming quarter is going to be extremely important and we have to make sure we don’t lose any time. So let’s start the year strong, leveraging the success we had in the last quarter, and work hard to make Q1 and 2020 a huge success. We have a great team in place, outstanding products, and a booming online video market that needs us.
Once again – a huge thank you to our hardworking Bitmovers for making every success possible, for never giving up, even in the face of adversity and failure; for taking every step as a learning opportunity and helping shape the future of video.
To our customers, partners, followers, and fans we are excited about what the new year will bring and all of the great work that we can do together to improve our industry. We couldn’t have done it without your feedback and contributions!
We hope you all have a great start to the new year and we wish you every success in 2020!