Mumbai: Amagi, a cloud-based SaaS technology for broadcast and connected TV, has reported a revenue increase of more than 100 per cent year on year in Q1 FY23.The company mentioned that the global surge in demand for connected TV devices, as well as the free ad-supported streaming TV (FAST) viewing experience, fueled it. Amagi's growth accelerated in Q1 FY23, fueled by increased customer acquisition, ad impressions, and employee headcount investment.
The company said, “The company’s strong all-around performance is a result of impressive traction for its innovative streaming TV solutions. As the rise of CTV and FAST streaming channels alter the TV landscape with FAST penetration among households having more than doubled year over year in 2021.”
Amagi has kept shifting viewership patterns at the forefront of its innovations, reducing the cost of broadcast workflow and fostering the growth of the FAST phenomenon.
Amagi has the most extensive FAST TV platform partnerships worldwide, allowing content owners and advertisers to reach new audiences through expanded distribution.
The company has added new clients, including Cox Media Group and Banjiay Rights. Also, Amagi has expanded its growing global operations and entered new regions — most recently, South Korea and Australia.
The company has seen increased demand for its products in the United States, resulting in a significant increase in US sales. Amagi has invested in sales, account management, and customer support teams to better serve customers in these regions, adding more than 50 employees to its workforce in the United States alone.
Amagi recently hired industry veterans James Smith as EVP of Global Ads Sales and Programmatic, Daniel Marshall as EVP of Global SaaS sales, Marco Di Giacomo as chief marketing officer, and Prasad Menon as chief people officer.
Amagi Live, the company's premium live orchestration platform, has been updated, allowing content owners to orchestrate broadcast-quality live events on the go.
Amagi Planner, its content planning and scheduling platform, now has new automation and AI-driven personalization capabilities.
Amagi CEO and co-founder Baskar Subramanian said, "Amagi’s strong performance this quarter reflects our ability to stay ahead of the technological curve, enabling our customers to capture viewer attention and grow their audience in this ever-evolving market."
He further said, "With CTV and FAST clearly becoming the future for the streaming industry, Amagi will continue to build cutting-edge solutions to harness this rising consumer demand and power growth opportunities for content owners, advertisers, and streamers throughout the TV ecosystem."
Amagi offers a comprehensive suite of solutions for content creation, distribution, and monetization, and is a pioneer in enabling content distribution to free ad-supported streaming TV (FAST) platforms worldwide.
Amagi currently has over 50 premium brand platform partners, including The Roku Channel, Samsung TV Plus, VIZIO, LG Channels, Tubi, TCL, Sling TV, Rakuten TV, and others.
In addition, the company has a cutting-edge cloud broadcast operations centre that can support 1,000+ live linear channels. Amagi clients include content and media companies like ABS-CBN, A+E Networks UK, beIN Sports, CuriosityStream, Discovery Networks, Fox Networks, Fremantle, Gusto TV, NBCUniversal, Tastemade, Tegna, USA Today, Vice Media, and Warner Media, among others.