Avid Expands Its Greater China Strategy with Jetsen Alliance
31/01/2017
Jetsen becomes exclusive master distributor under five-year agreement that guarantees Avid 15% annual growth in Greater China and represents a total contract value of >$75M for the first three years
Agreement includes an equity investment of $18.1M by Jetsen into Avid, delivering a capital infusion that will further strengthen the balance sheet
Avid (Nasdaq: AVID) today announced that it has entered into a go-to-market' commercial partnership for the Greater China market with Beijing Jetsen Technology Co. Ltd (Jetsen), a proven and long-time channel partner of Avid in China. The alliance will expand Avid's presence in the strategically important Greater China market, and offer the company a strong platform to accelerate growth of its cloud-enabled Avid Everywhere platform and solution suites. The go-to-market alliance will also offer customers and channel partners in the region a stronger local presence for Avid, which can better serve them and support their needs.
According to Frost & Sullivan, the broadcast and post-production market segments in Greater China represent a US$1.5 billion market opportunity that is anticipated to grow 15% per year through 2020. China is also the second largest film box office in the world and is starting to take a more significant role in the international market for feature films. Avid's go-to-market partnership with Jetsen will help it to better navigate this large and growing but complex market, and create an enhanced platform for the company's market penetration and growth across the Greater China region.
The agreement makes Jetsen the exclusive (master) distributor in Greater China of Avid's comprehensive tools and workflow solutions for creating, distributing and optimizing media. As part of the exclusive distributor agreement, Avid receives minimum annual performance guarantees for Greater China, delivering double-digit ( 15%) annual growth for Greater China in both revenues and cash, and represents a total contract value of greater than US$75 million for the initial three years. Under the agreement, Jetsen will take over responsibility for Avid's operations in the Greater China region. All existing reseller agreements with current channel partners of Avid in Greater China will also be transferred to Jetsen, and these partners will be able to continue to represent the Avid portfolio as they do today, but will purchase directly from Jetsen going forward.
As we start to enter the next phase of Avid's strategy, our agreement with Jetsen will give us much stronger go-to-market capabilities to expand our market position, drive consistent business growth and have the needed partner to accelerate our cloud-enabled Avid Everywhere strategy across Greater China, said Louis Hernandez, Jr., Chairman and Chief Executive Officer, Avid. Jetsen is a strong, well established and proven partner of Avid's that is perfectly positioned to take on responsibility for all of our operations in the region and deliver on its growth and performance commitments.
Jetsen will distribute all Avid products and solutions in Greater China, including mainland China, Hong Kong, Macau and Taiwan, continuing to work closely and directly with Avid's existing reseller network in the region. Supporting Avid's strategies for the Greater China market, the agreement with Jetsen enables Avid to deliver on its commitment to providing its client community the most flexible deployment models, licensing options and commercial structures with future cloud and enterprise offerings for the region, as well as more localized and tailored solutions. With Jetsen taking responsibility for Avid's operations in Greater China, combined with their own very strong technical support and customer care capabilities, customers and partners in the region can expect an improved support mode to best serve their business and operational needs.
Jetsen's strong position in the region, combined with Avid's market-leading products and comprehensive solutions, presents an exciting opportunity for Greater China's fast-growing media industry, said Shengli Han, CEO, Beijing Jetsen Technology. We are excited about our future prospects together and look forward to working even more closely with Avid to offer more localized solutions better targeted to the needs of the Greater China market, and along with the network of Avid resellers, delivering the levels of service and support that local customers require.
As part of the arrangement, Jetsen will also invest $18.1 million in Avid in a private placement transaction in return for a minority stake in the company of between 5.0% and 9.9%, which is dependent on the company's share price performance leading up to the closing of the investment. The investment by Jetsen in Avid is subject to customary closing conditions, including regulatory approvals.
Continued Mr. Han, With the level of success that we're seeing Avid Everywhere have around the globe, combined with Avid's plans to take the full platform and solution suite to the cloud in the near future, there is no better time to be forming this partnership and making this investment in Avid.
From the very early days when the Avid Everywhere vision and strategy was unveiled, the Jetsen team has recognized that it represents the future of the media industry and so we're delighted about having Jetsen help us take our strategy to the next level in Greater China as we prepare to bring the Avid platform into the cloud, continued Mr. Hernandez. We appreciate and welcome their investment in Avid as it reflects their confidence in our strategy, and shows their commitment to realize a long and succ
Most recent headlines
04/08/2024
Dalet Appoints Santiago Solanas as CEO to Lead Next Era of Growth and Innovation
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet and Veritone Reach Agreement to Distribute, Transact and Monetize Media Archives
Dalet, a leading technology and service provider for media-rich organizations, a...
28/04/2024
Mediahaus delivers the first SRT live-streaming sports production over 5G with URSA Broadcast G2
Mediahaus delivers the first SRT live-streaming sports production over 5G with U...
20/04/2024
PBS Kids Adds American Sign Language to Streaming Content
As part of a push to improve the accessibility of its content, PBS Kids has announced that it has integrated American Sign Language (ASL) interpretations into m...
20/04/2024
Survey: Concerns About Deep Fakes Spike As Election Approaches
SAN JOSE, Calif. Online security solution provider McAfee has released new research exploring the impact artificial intelligence (AI) and the rise of deepfakes ...
20/04/2024
FCC Sets April 25 Vote on Net Neutrality Rules
The Federal Communications Commission has announced the agenda for an Open Meeting on Thursday, April 25, 2024 that will include votes on Net Neutrality Rules a...
20/04/2024
Virtual Reality Becomes the New Production Reality
Virtual reality and its close relatives, such as extended reality, have been completely accepted into the workflow of high-end productions. Stepping into an LED...
20/04/2024
Video Games Round Out the Entertainment Package
Video Games Round Out the Entertainment Package Andy Marken April 19, 2024 0 Comments By this, I take it you think everybody is who they say they are...
20/04/2024
With Bears on the Clock, NBCU Local Chicago Plans Extensive NFL Draft Coverage
With the Bears picking first, NBCUniversal Local's properties in Chicago plan extensive coverage of the NFL draft next week....
20/04/2024
Fox Sports Hires Veteran Ad Sales Executives
Fox Sports said it hired two veteran advertising sales executives, with Jen Durda and Kathy Lydon both named VP....
20/04/2024
Daytime Emmys Announce Some Nominations Early
Daytime fans got a sneak peek at nominations for the 51st annual Daytime Emmys, with the National Academy of Television Arts and Sciences (NATAS) announcing the...
20/04/2024
DAZN Weighs in With Content Ahead of Haney-Garcia Fight
DAZN is launching its Run It Up, its first multi-sports original vodcast, or video podcast, and a set of micro-podcasts ahead of the Devin Haney-Ryan Garcia fig...
20/04/2024
Warner Bros. Discovery CEO David Zaslav Got 27% Raise to $49.7 Million in 2023
David Zaslav, CEO of troubled Warner Bros. Discovery, got a 27% increase in total compensation for 2023....
20/04/2024
April 19, 2024
New copper-catalyzed C-H activation strategy from Scripps Research Two-mode reactions inspired by human detox enzymes offer powerful new tools for drug discover...
19/04/2024
Thank You for visiting us at NAB 2024!
Thank You for visiting us at NAB 2024! Thank you for joining us at the ToolsOnAir booth during NAB Show 2024! We were delighted to showcase our latest inno...
19/04/2024
Stress Positions Mines Health Anxieties for Comedy
PARK CITY, UTAH - JANUARY 18: (L-R) John Early and Theda Hammel attend the 2024 Sundance Film Festival Stress Positions premiere at Library Center Theatre on ...
19/04/2024
Give Me the Backstory: Get to Know Julian Brave NoiseCat and Emily Kassie, the Filmmakers Behind Sugarcane
By Lucy Spicer One of the most exciting things about the Sundance Film Festival...
19/04/2024
Mexico City Watchlist: 7 Documentaries About Working in CDMX
Pictured: Midnight Family By Stephanie Ornelas A great way to get to know a city as culturally unique and rich as Mexico City is to listen to the stories tol...
19/04/2024
SNS Dominates NAB Show 2024 With Triple Win For MOD
St. Louis, MO - April 18, 2024 - Studio Network Solutions (SNS) announced today that MOD won three prestigious industry awards at NAB Show 2024 held this week i...
19/04/2024
How Spotify Approaches Safety With Sarah Hoyle, Global Head of Trust and Safety
Spotify's mission is to unlock the potential of human creativity by giving a million artists the opportunity to live off their art and billions of fans the ...
19/04/2024
Spotify and Taylor Swift Create a One-of-a-Kind Library To Celebrate THE TORTURED POETS DEPARTMENT'
It's a beautiful day to be a Swiftie. Today, Taylor Swift dropped her 11th s...
19/04/2024
L3Harris Announces Quarterly Dividend
MELBOURNE, Fla., April 19, 2024 - The Board of Directors of L3Harris Technologies (NYSE:LHX) declared a quarterly cash dividend of $1.16 per common share, payab...
19/04/2024
Intel Lays Out 8K Production, AI Tech Plans for Paris Olympics
PARIS Intel has announced that its plans for the Olympic and Paralympic Games Paris 2024 will include using artificial intelligence technology powered by Intel ...
19/04/2024
Tech Advances Boost Adoption of 8K Production
LAS VEGAS Technologists working on all aspects of the 8K media production chain offered an optimistic update at the 2024 NAB Show on the state of 8K in video pr...
19/04/2024
OpenDrives New Software-Defined Platform Atlas Wins 2024 NAB Show Product of the Year Award
OpenDrives New Software-Defined Platform Atlas Wins 2024 NAB Show Product of the...
19/04/2024
Grass Valley Showcases Next-Generation T3 Series 4K/HD Digital Recording and Playback for Venues and Stadiums
Grass Valley Showcases Next-Generation T3 Series 4K/HD Digital Recording and Pla...
19/04/2024
NiTRo's M-CUBE Studio Levels Up Esports Productions with AJA Gear
NiTRo's M-CUBE Studio Levels Up Esports Productions with AJA Gear Brie Clayton April 19, 2024 0 Comments Esports' rapid rise to popularity can...
19/04/2024
Blackmagic Design Announces DaVinci Resolve 19
Blackmagic Design Announces DaVinci Resolve 19 Brie Clayton April 19, 2024 0 Comments Major update adds new DaVinci Neural Engine AI tools, new color ...
19/04/2024
Sony Considering Bid to Acquire Paramount
Sony Pictures Entertainment is reportedly in talks with Apollo Global Management to make a bid to acquire Paramount which itself is currently discussing a merge...
19/04/2024
How 1185 Films created the VFX on new horror, All You Need Is Death
Simon Wilkinson, head of VFX at 1185 films, talks about the technology behind the newly-released horror By Matthew Corrigan Published: April 19, 2024 Simo...
19/04/2024
Could Sony be preparing a bid for Channel 5's parent company?
The global electronics company is said to be considering joining forces with investment firm Apollo Management to bid for Paramount Global By Jenny Priestley ...
19/04/2024
EBU report highlights contribution of free-to-air sport broadcasting
The report broke the economic footprint of EBU member sports broadcasting into three main areas By Matthew Corrigan Published: April 19, 2024 The report b...
19/04/2024
CBS Stations Launches CBS News California Investigates' Segments
CBS Stations has launched CBS News California Investigates , with Julie Watts named regional CBS California correspondent. She will uncover and raise awarenes...
19/04/2024
MediaCo Acquires Estrella Media's Spanish-Language Network, Content Assets
MediaCo Holding, which owns radio stations WQHT (Hot 97) and WBLS in New York, said it acquired Estrella Media's Spanish-language video, audio and digital c...
19/04/2024
Season 5 of The Witcher' Will Be Final One
Netflix has ordered season five of fantasy drama The Witcher, which will be the final season. Production has recently begun on season four, and the two remainin...
19/04/2024
DirecTV Stream To Carry Eight More The CW Affiliates
DirecTV Stream said it added eight more The CW affiliates to its lineup on Thursday....
19/04/2024
CBS Orders More Elsbeth'
CBS has renewed Elsbeth for the 2024-2025 season. The drama, with Carrie Preston in the lead role, debuted February 29....
19/04/2024
With Bears on the Clock. NBCU Local Chicago Plans Extensive NFL Draft Coverage
With the Bears picking first, NBCUniversal Local's properties in Chicago plan extensive coverage of the NFL draft next week....
19/04/2024
Comcast Launches NOW
PHILADELPHIA As government subsidies for broadband services come to an end, Comcast has launched NOW, a new product portfolio of lower-cost Internet, mobile and...
19/04/2024
DirecTV Stream Adds CW Affiliates
DirecTV Stream has added more local CW stations for its streaming customers in Boston, Charlotte, Cincinnati, Cleveland, Hartford-New Haven Conn., Phoenix, San ...
19/04/2024
MediaCo Acquires Estrella Media's Content and Digital Operations
NEW YORK & LOS ANGELES MediaCo Holding Inc. has announced that it has acquired all of Estrella Media's network, content, digital, and commercial operations....
19/04/2024
Adobe Launches New Adobe Express Mobile App with Firefly AI
SAN JOSE, Calif. Adobe has announced that the all-new Adobe Express mobile app is available to all users, bringing features powered by Adobe Firefly generative ...
19/04/2024
Netflix Adds 9.3M Subs in Q1
LOS GATOS, Calif. Netflix reported another blockbuster quarter by adding 9.33 million new subscribers in Q1, 2024 as global paid memberships hit 269.6 million, ...
19/04/2024
The Current State of the Industry and the Future Impact of AI
The Current State of the Industry and the Future Impact of AI Hillary Lewis April 18, 2024 0 Comments The Entertainment Industry: How did we get here ...
19/04/2024
After Effects Tutorial Text Blur Reveal
After Effects Tutorial Text Blur Reveal Andy Ford April 18, 2024 0 Comments Here's a way to do a quick blur reveal for your text layer. Start by...
19/04/2024
Hollyland Mars M1 Enhanced Wireless Transmitter / Receiver
Hollyland Mars M1 Enhanced Wireless Transmitter / Receiver Colin Smith April 18, 2024 0 Comments This tutorial shows the new wireless transmitter rece...
19/04/2024
Resolve Fusion: Writing Expressions with Lua
Resolve Fusion: Writing Expressions with Lua Simon Ubsdell April 18, 2024 0 Comments The answer to the very frequently-asked question: what is the pro...
19/04/2024
B+C,' Next TV' Announce Winners of Best of Show Awards at NAB Show
B+C and Next TV have announced the winners of Best of Show Awards for the 2024 NAB Show. The awards were judged by a panel of industry experts at the convention...
19/04/2024
Cate Blanchett Narrates Nature Series on Netflix
Cate Blanchett narrates the Netflix series Our Living World, which premieres April 17. The four-part series looks at the extraordinary creatures around the glob...
19/04/2024
For All Mankind' Spinoff Is in the Works at Apple TV Plus
Apple TV Plus has a spinoff of For All Mankind in the works. It is called Star City and details the cosmonauts, engineers and intelligence officers working behi...