MADISON, Wis.--(BUSINESS WIRE)--Sonic Foundry, Inc. (NASDAQ: SOFO), the trusted leader in video capture, management and streaming solutions, today announced that its Vidable™ business, which offers AI-powered analytics and transformation solutions for video, will partner with its Video Solutions business to develop an offering focused on supporting the events market. The announcement dovetails with Vidable GM Mike Snavely’s appearance yesterday at Meeting Planners International’s annual World Education Congress (MPI WEC23), which included leading a session titled “Leveraging the Power of AI: How Artificial Intelligence is Disrupting the Events Industry”.
Sonic Foundry CEO Joe Mozden, Jr. commented, “The partnership that our Video Solutions business recently established with CTI Meeting Technology has given us a deeper window into the growing need for events-specific AI solutions. This represents a massive go-to-market opportunity for our Vidable business, particularly given the immediate access to prospective customers that our Video Solutions team can facilitate. Over the next several months, our Vidable and Video Solutions businesses will pursue this market opportunity as a joint initiative, one of many examples of how our team is capitalizing on the opportunities inherent in Sonic Foundry’s new ‘family of brands’ corporate structure.”
Snavely elaborated, “The discussions around AI at MPI WEC23 were very productive, and further validated our belief in the value of the market opportunity for events-oriented video AI. Accordingly, the next phase of Vidable’s go-to-market strategy will involve partnering with Video Solutions customers to mine video captured at live conferences for insights that help sponsors understand attendee sentiment and help conference promoters better serve the needs of their attendees. Ultimately, we believe this is a model for helping organizations to substantiate the ROI of event sponsorship with far more definition than was previously possible.”
As of June 2023, Vidable has initiated and sold transactions representing over a million hours of AI transformations for enterprise video. It has also begun expanding its business outside the U.S. with the establishment of a GDPR-compliant instance of Vidable in the E.U.
More information on Vidable is available here.
About Sonic Foundry
Founded in 1991 and headquartered in Madison, Wis., Sonic Foundry (NASDAQ: SOFO) is dedicated to transforming how the world works and learns through innovative and scalable technology solutions. We help customers maximize the value of their video initiatives and infrastructure while leveraging our expertise and global footprint to help unlock a smarter, more connected world for learners, workers, and entrepreneurs everywhere. Sonic Foundry’s family of brands includes Mediasite®, Video Solutions, Vidable™ and Global Learning Exchange™, which are trusted by thousands of educational institutions, corporations, and health care organizations in dozens of countries around the world. For more information on how Sonic Foundry’s solutions can empower you and your organization to seize today’s opportunities as well as those of the future, visit www.sonicfoundry.com.
About Vidable™
Vidable™ is building a collection of AI-powered video analytics and transformation tools designed to operate at enterprise scale. In today’s environment, video is everywhere – and with so much content being created and shared, the traditional tools for managing video cannot keep up. Vidable is assembling the most cutting-edge, functional AI video capabilities to solve enterprise video’s existing and future challenges. To learn more about how Vidable can enable you to harness the transformative power of video AI, visit www.vidable.ai.
© 2023 Sonic Foundry, Inc. Product and service names mentioned herein are the trademarks of Sonic Foundry, Inc., or their respective owners.
Forward Looking Statements
This news release contains forward-looking statements about the products and services of Sonic Foundry within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include statements about our products and services, our customer base, strategic investments, new partnerships, our future operating results, and any statements we make about the company’s future. These types of statements address matters that are subject to many risks and uncertainties. Actual results could differ materially from the forward-looking guidance we provide. Any forward-looking statements should be considered in context of the risk factors disclosed in our periodic forms 10Q, 10K and other filings with the SEC. These filings can be accessed on-line at www.sec.gov and other websites or can be obtained from the company’s investor relations department. All of the information and disclosures we make in this news release regarding our business, including any forward-looking guidance, are as of the date given and we assume no obligation to update or change this information, regardless of subsequent events.
