Grass Valley reports strong 2021 with overall growth of 24%
Grass Valley has announced a strong 2021 driven by an increase in share gains on its product suite, significant market acceptance of its cloud-native applications suite, and record backlog driven by large multi-year enterprise deals.
The company has also made significant investments in its global cloud capabilities through its Center of Excellence (COE) facilities, upgraded the management team, made several new product announcements in its anchor products, and announced a new strategic rebrand under ‘We Love Live’ signifying a reinvigorated commitment to the future of the live media market.
“We are determined to lead the digital transition of the industry for live events and news for the entertainment industry”, said Louis Hernandez Jr, executive chairman of Grass Valley. “Our unique combination of the most recognised products in the industry with leading cloud-native applications are designed to provide our clients with the agility, flexibility and economic efficiency that is needed in today’s market. I’m very excited for the team to see such strong market acceptance.”
The company recorded a substantial increase in performance in 2021, including Q4 2021 growing 27% versus the same quarter of the prior year, and 24% for the full year. It also signed over $140 million in enterprise deals with companies such as Gravity Media, GOL TV, Qvest and Broadcast Solutions. Grass Valley’s backlog increased to a record amount providing substantially higher visibility to future years, allowing the company to invest for the long term. Contract backlog increased by 36% compared to year end 2020.
Jan Lange, chief revenue officer at Grass Valley, said: “Last year, we launched our new strategic focus and rebrand, and this was the driving force behind our successful close to 2021. Our re-energised commitment to the future of media and entertainment enabled us to reach great achievements with our customers and as a company. I am so proud that Grass Valley did not simply weather 2021 and the tests it threw at us, but that we came out stronger and on a positive trajectory. We have had a fantastic start to 2022 with $60 million in enterprise agreements already finalised, and I am looking forward to the achievements of the Grass Valley team this year.”
In 2022, Grass Valley has an ongoing roadmap as part of its GV Media Universe to launch new commercial models, solutions and partnerships. The GVMU is a digitally connected community that enables media companies to combine on-premise, hybrid and public cloud technologies to build live production environments while adapting to future demands.