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Amagi Joins the Unicorn club

The market opportunity for cloud-based solutions is estimated to be around $50 billion, with many customers opting for a connected TV experience as video streaming grows in popularity.

Amagi Joins the Unicorn club

Amagi, which was founded in 2008, has positioned itself as a cloud technology pioneer and leader, allowing TV networks and content owners to develop, manage, distribute, and monetize live, linear, and on-demand channels across cable, OTT, and Free Ad-Supported TV (FAST) platforms all over the world.

Customers can choose from three different business models at Amagi: SaaS, BYOL, and a Fully Managed Service are all examples of software-as-a-service (SaaS). Among the cloud solutions offered by Amagi are the following:

  • Channel development that is broadcast-quality 24 hours a day, 7 days a week.
  • For sports and news, there is live orchestration.
  • Free Ad-Supported TV platforms receive channel distribution.
  • Workflows for TV and OTT broadcasts are unified.
  • Broadcast operations are being virtualized.
  • Workflow and distribution for video on demand
  • OTT monetization includes server-side ad placement and analytics.
  • Sales of OTT programmatic ads
  • Disaster recovery at a low price

With many customers opting for a connected TV experience as video streaming grows in popularity, the market opportunity for cloud-based solutions is estimated to reach about $50 billion. In that regard, Amagi has a leg up. The company’s yearly revenue run rate is $100 million, based on the latest monthly revenue data (Rs 760 crore). According to Subramanian, increased recurring revenue, new branding, and new product lines have all stemmed from the company’s rapid growth.

After earning $95 million in its most recent investment round on Wednesday, Amagi became a unicorn.

The round came after the company’s revenue increased by 108 percent year over year (YoY). Accel led the investment, with Norwest Venture Partners and Avataar Ventures joining as existing investors, according to a statement from the company.

Amagi’s valuation has now risen to over $1 billion, making it a unicorn and one of the most valuable media technology businesses in the world, according to the company.

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The money will help Amagi expand its global footprint and product portfolio in the current media and entertainment (M&E) sector, according to the company.

Amagi Joins the Unicorn club

Amagi is also looking into potential mergers and acquisitions (M&A) deals that might help it grow revenue or add technology capabilities to its product lines. According to the corporation, it wants to increase sales and marketing by five times globally.

Customers onboarded increased by 50% in 2021, according to the company.

Amagi enters the unicorn list alongside open-source company Hasura, ed-tech firm Lead School, direct-to-consumer brand Mamaearth, analytics platform Fractal, social commerce platform Dealshare, and HR tech company Darwinbox.

With 96 unicorn startups as of 2022, India will have the world’s fastest-growing startup ecosystem. Unicorn firms are becoming more frequent in today’s society, yet they are not easy to create. To become a unicorn, a business must put in a lot of effort, commitment, and tenacity during the course of its journey.

Flipkart Moglix, BharatPe, CoinDCX, upGrad, Groww, BlackBuck, Droom, OfBusiness, Meesho, Chargebee, CRED, Digit, Gupshup, Innovaccer, Pharmeasy, Sharechat, Urban Company, Zeta, Eruditus, Zetwerk and BrowserStack, Apna, Vedantu, Licious, CoinSwitch Kuber, Rebel Foods, CarDekho, M In 2021, 44 enterprises in the country became unicorns.

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Hrushikesh Pachbudhe is a News Analyst and Author at Empire Weekly. He is an MBA aspirant and a finance enthusiast. He is a firm believer of “Quality over quantity”, strives towards improving himself every day, and is always eager to learn. He is an incredibly analytical person, yet his desire to explore his creative side led him to work in content writing and development. Amongst his peers, he is known for his punctuality, discipline, and reliability. He aspires to become a successful investor and tackle bigger responsibilities and challenges. Some of his hobbies involve playing football, listening to music, and weight training.

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