Grass Valley, a leading technology provider for the live media and entertainment market, announced a very strong 2021 driven by an increase in share gains on its industry leading product suite, significant market acceptance of its cloud native applications suite, and record backlog driven by large multi-year enterprise deals. Grass Valley's strategy of combining its award winning product portfolio with its cloud-first operating system and related cloud applications has captured the industry's imagination resulting in meaningful growth and market share gains in several categories. The company has made significant investments in its global cloud capabilities through its Center of Excellence (COE) facilities, upgraded the management team, had several new product announcements in its anchor products, and announced a new strategic rebrand under "We Love Live" signifying a reinvigorated commitment to the future of the live media market.
"We are determined to lead the digital transition of the industry for live events and news for the entertainment industry", said Louis Hernandez Jr., Executive Chairmanof Grass Valley. "Our unique combination of the most recognized products in the industry with leading cloud native applications are designed to provide our clients with the agility, flexibility and economic efficiency that is needed in today's market. I'm very excited for the team to see such strong market acceptance."
The industry's digital transformation was accelerated by the impact of the COVID-19 pandemic, which also created supply chain and related issues for the industry. Grass Valley's comprehensive suite of integrated and connected hardware solutions and market leading IP and cloud solutions proved to be an essential combination for the industry and major media organizations across the globe.
Some selected highlights for the year include:
- The company saw a substantial increase in performance in 2021, including Q4 2021 growing 27% versus the same quarter of the prior year, and 24% for the full year.
- In 2021, the company signed over $140 million in enterprise deals with leading media companies such as Gravity Media, GOL TV, Qvest and Broadcast Solutions. These represent long term partnerships and a commitment to a deeper and meaningful relationship with Grass Valley.
- The company has fully commercialized its cloud native operating system GV AMPP (Agile Media Processing Platform), which is now in production in several prominent media organizations around the globe. This is in addition to several cloud native applications in production.
- The company's backlog increased to a record amount providing substantially higher visibility to future years, allowing the company to invest for the long term. Contract backlog increased by 36% compared to year end 2020.
- The company continued its expansion of its Centers of Excellence with an emphasis on cloud and IP technology and has added over 250 employees to these facilities.
Jan Lange, Chief Revenue Officer, at Grass Valley, said, "Last year, we launched our new strategic focus and rebrand, and this was the driving force behind our successful close to 2021. Our re-energized commitment to the future of media and entertainment enabled us to reach great achievements with our customers and as a company. I am so proud that Grass Valley did not simply weather 2021 and the tests it threw at us, but that we came out stronger and on a positive trajectory. We have had a fantastic start to 2022 with US$60 million in Enterprise Agreements already finalized, and I am looking forward to the achievements of the Grass Valley team this year."
Grass Valley is strengthening its mission to support customers as they transition to the future of media and entertainment through IP, software, and cloud-based technologies. In 2022, Grass Valley has an ongoing roadmap as part of its GV Media Universe to launch new commercial models, solutions and partnerships. The GVMU is a digitally connected community that enables media companies to combine on-premise, hybrid and public cloud technologies to build live production environments while adapting to future demands.