Sonic Foundry Enters Two New High-Growth Markets
Newly identified markets will be supported with two new company initiatives – Vidable and Global Learning Exchange
MADISON, Wis., March 29, 2022 (GLOBE NEWSWIRE) — Sonic Foundry, Inc. (NASDAQ: SOFO), the trusted leader in video capture, management and streaming solutions as well as virtual and hybrid events, announced that the company is entering into two high growth markets during its Shareholder’s Meeting which was held on March 10, 2022.
Joe Mozden Jr., CEO, summarized company performance to date and outlined new and upcoming plans including two new company initiatives: Vidable and Global Learning Exchange. With a 30-year history developing the best video capture solutions in the market, these new initiatives will solve the current, real-world challenges with the massive creation and consumption of video, from enterprise to higher education.
“Sonic Foundry is in a unique position to absolutely win in these new markets,” said Joe Mozden, Jr., CEO of Sonic Foundry. “Our tenure in the industry has given us valuable insights that we applied to everyday challenges our customers are facing. With the addition of these two new initiatives, we’re confident we can expand into new markets while continuing to provide valuable solutions across industries.”
Vidable
Bessemer Venture Partners recently forecast a greater than 20% annual growth rate in the global video streaming market from 2020-27. This video boom is becoming untenable for most organizations, its power lost to the inability to efficiently create, enhance and deliver quality enterprise video.
Vidable, Sonic Foundry’s ground-breaking AI-enabled video platform, addresses these timely issues by empowering organizations to effectively leverage their growing video libraries as a seamless solution to create, edit, manage, and host all video content. Vidable is powered by more than one hundred AI-automated data and video enrichment technologies that are easy-to-use and can be applied to any video regardless of source and leveraged by any organization in any category. Additionally, Vidable generates deep insights into how the content is being viewed and valued, providing data insights that customers can act on immediately to drive value from decision making throughout their organizations.
Global Learning Exchange
The Global Learning Exchange (GLX) will enable highly motivated students around the world to attain life changing opportunities and careers through access to world class higher education in a flexible, cost effective, and locally supported environment.
The global middle class is expected to grow 62% from 2016 to 2028 (Brookings Institution), driving up the demand for higher education in emerging nations where the greatest middle class growth is taking place. Many emerging nations cannot build infrastructure fast enough to meet demand and universities are struggling to find avenues to support these students in their quest for learning. The Global Learning Exchange directly addresses this problem by removing barriers to higher education for students in emerging countries and by going well beyond the low touch model of traditional online programs to provide the much needed in-country local support critical to international student success.
“We are already seeing the power of the GLX, with seven memorandums of understanding (MOU) signed with top tier U.S. and U.K. universities, and we are fast tracking a pilot to launch in fall of 2022,” said Joe Mozden, Jr., CEO of Sonic Foundry. “The Vidable platform is already being used with four different customers and the feedback we are receiving is very positive. We strongly believe in education equity and access for all, and these new initiatives are just the beginning to achieving that goal.”
About Sonic Foundry®, Inc.
Sonic Foundry (NASDAQ: SOFO) is the global leader for video capture, management and streaming solutions as well as virtual and hybrid events. Trusted by more than 5,200 educational institutions, corporations, health organizations and government entities in over 65 countries, SOFO’s solutions including Mediasite Video Platform, Vidable and Global Learning Exchange help its customers capitalize on the power of video to distribute and monetize video content. Learn more at www.sonicfoundry.com.
© 2022 Sonic Foundry, Inc. Product and service names mentioned herein are the trademarks of Sonic Foundry, Inc. or their respective owners.
CONTACT: Erin Lumley mPR on behalf of Sonic Foundry 9258991355 erin@mpublicrelations.com
