In April came the news that Bitmovin, a privately owned provider of video infrastructure for digital media companies, had raised $25 million in Series C financing.
CEO and co-founder Stefan Lederer says the company plans to use the money to keep scaling up as the pandemic has boosted streaming.
“We saw over the last seven years tremendous growth of the online video industry,” he says, “even beyond its classical medium, the entertainment companies. That got accelerated by the transformation of a lot of media companies over the last few years with the so-called streaming wars and just got even more accelerated with the pandemic,” says Lederer. See more on the growth in streaming here.
Bitmovin offers a toolbox of software products that power online video for media companies. The company has three products: one for video compression, another for playback, and another for analytics and data.
Bitmovin, founded in 2012, serves video providers including Axel Springer, discovery+, BBC, Red Bull Mediahouse, ClassPass and The New York Times, says the company.
For The New York Times, Bitmovin works on video compression, so the Times gets higher quality through less bandwidth, says Lederer. See more here.
On its website, Bitmovin also provides info on what they do for the BBC.
A 2018 survey from Bitmovin said the most common problem with video technology was broadcast delay (also referred to as latency), closely followed by getting playback running to all devices.
Lederer says the company plans to broaden its product line. “I think we have to spend more time going deeper on the live side,” as live streaming has been growing. The analytics product also has a lot more potential, he says, as people use data more and more to make informed decisions.
Bitmovin may also grow its offerings though acquisition, he says. “There's a lot of really great tech available there, great companies out in this space" that would complement current offerings well, Lederer says.
“It's going to be an interesting year,” he says.
Bitmovin is headquartered in San Francisco and has offices in Denver as well as in Austria (Vienna, Klagenfurt), London, Berlin, Singapore and Sao Paulo.