TIDMBIRD
RNS Number : 0748D
Blackbird PLC
19 June 2023
19 June 2023
Blackbird plc
(the "Company")
Chairman's Annual General Meeting statement
Blackbird plc (AIM: BIRD; OTCQX: BBRDF), the technology
licensor, developer and seller of the market-leading cloud video
editing platform, is holding its Annual General Meeting (the "AGM")
today at 10:30am at the Company's offices at Tuition House, 27-37
St George's Road, Wimbledon, London, SW19 4EU.
Ahead of the formal business of the AGM, Andrew Bentley, Chair
of Blackbird plc, will make the following statement:
"Before proceeding with the formal part of the AGM, I should
like to take the opportunity of commenting on the Company's
progress since we last met.
We published our audited results for the year ended 31st
December 2022 on 22nd March 2023.
We started 2022 with a continuation of the progress and momentum
that has been building at the Company since Ian joined as CEO.
Specifically, we have:
-- seen record revenues for the 5th consecutive year, up 38% on the previous year;
-- a strong balance sheet as a result of a successful
fundraising in December 2021, resulting in a year end cash position
of GBP10.1million;
-- successfully executed the EVS contract with the jointly
created product, IPD VIA Create, being rolled out to a US
broadcaster and used at a global sporting event at the end of 2022
; and
-- expanded our addressable market to prosumers and professional
teams with a significant refocussing of the team and key hires in
Product, Engineering and Product Marketing.
Additionally, we have reduced headcount in the UK sales and
marketing areas in order to focus our resources and maximise our
return on investment.
The cyclical and structural changes in the Media and
Entertainment industries have led to major media corporations
seeking cost savings which have impacted this part of our business,
most prominently our deal with A+E Networks, which, as we announced
on 12 May 2023, will terminate at the end of June. Through our
streamlined team, now located closer to the market, we are focusing
on larger deals and OEM partnerships.
We have evolved our strategy to position ourselves to benefit
from the fast growth of the creator sector by investing in our
creator SaaS product. The development of this creator SaaS
platform, led by our Chief Product Officer, Sumit Rai, is well
underway. The new creator SaaS platform will provide significant
benefits by reducing implementation friction and via its intuitive
interface for non-professional users. Sumit will give a
presentation on the creator SaaS platform after the formal part of
the AGM.
Finally, as already announced, David Main, a non-executive
director of the Company, is not seeking reelection as a director
and will step down from the board at the end of this meeting. David
has been with the Company for a long time, including a period as
Chair. I would like to thank him on behalf of the board for his
frequent and consistent contributions, his sound advice and his
personal commitment and support. Blackbird enjoys exceptional
standards of governance for a company of its size, for which
David's contributions have been a major factor. I would also like
to thank him personally for his support, mentorship and sage
advice."
Enquiries:
Blackbird plc Tel: +44 (0)20 8879
7245
Ian McDonough, Chief Executive Officer
Stephen White, Chief Operating and Financial
Officer
Allenby Capital Limited (Nominated Adviser Tel: +44 (0)20 3328
and Broker) 5656
Nick Naylor/Piers Shimwell (Corporate Finance)
Amrit Nahal (Sales and Corporate Broking)
About Blackbird plc
Blackbird plc operates in the fast-growing SaaS and cloud video
market. It has created Blackbird(R), a market-leading suite of
cloud-native computing applications for video, all underpinned by
its lightning-fast codec. Blackbird plc's patented technology
allows for frame accurate navigation, playback, viewing and editing
in the cloud. Blackbird(R) enables multiple applications, which are
used by rights holders, broadcasters, sports and news video
specialists, esports, live events and content owners,
post-production houses, other mass market digital video channels
and corporations.
Since it is cloud-native, Blackbird(R) removes the need for
costly, high-end workstations and can be used from almost anywhere
on almost any device. It also allows full visibility on
multi-location digital content, improves time to market for live
content such as video clips and highlights for digital
distribution, and ultimately results in much more effective
monetisation.
Blackbird plc is a licensor of its core video technology under
its 'Powered by Blackbird' licensing model. Enabling video
companies to accelerate their path to true cloud business models,
licensees benefit from power and carbon reductions, cost and time
savings, less hardware and bandwidth requirements and easy
scalability.
www.blackbird.vide o
www.linkedin.com/company/blackbird-cloud
www.twitter.com/blackbirdcloud
www.facebook.com/blackbirdplc
www.youtube.com/c/Blackbirdcloud
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END
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