Welcome to our first edition of video software platform news for the month of February 2023. This month’s update gives a snapshot of the video editing software market, corporate online video vendor Qumu is acquired, Vimeo and Kaltura cut their workforce and more.
This month’s video software vendor news and updates:
A study by Fact.MR, a market research and competitive intelligence provider has announced that the global audio and video editing software market is valued at $4 billion in 2023. The software market is projected to grow to $ 8 billion by 2033.
Qumu, a Minneapolis-based video software platform announced that it will be acquired by a Markham, Canada-based software company for about $18 million. Qumu, which was previously known as Rimage before getting its current name through a 2011 merger, creates live and on-demand video software for enterprise companies.
The creators of South Park, Trey Parker and Matt Stone have raised $20 million to continue building out their deepfake studio for creators, Deep Voodoo.
Parker and Stone launched the company during the media shutdown of 2020 and assembled an AI artist team and amazing technology to create what they now call Deep Voodoo.
The $20 million was raised from Connect Ventures.
Phenix, a video platform that specializes in synchronized video streams and low latency, closed a $16.7 million Series B funding round led by a series of investors that included Verizon Venture and Manheim Investments. Phenix has raised $40 million to date.
Phenix customers include Verizon Media, Disney, ABC, BT Sport and Sony Pictures.
The social live streaming app Bolo Live has raised $5.5 million in funding. The software platform enables content creators to monetize their video via virtual gifting. Bolo Live raised $2.4 million in 2022, so this round follows on that capital.
Vimeo started the new year by laying off 11% of its workforce. The reason for the reduction was cited as “uncertain economic environment” by the Vimeo CEO.
This isn’t the first round of layoffs for Vimeo, in July 2022 they laid off 6% of its staff. The company reported its third-quarter earnings in November, with a loss of about 100,000 subscribers from the previous quarter and an operating loss of $22.9 million.
Kaltura has reduced its workforce by 11% in a round of layoffs coming just five months since it cut its headcount by 10% last August. Kaltura which now has a total headcount of 700, let go of 39 employees.
Firework, a video platform company that specializes in livestream shopping, has laid off 10% of its staff just months after the company raised $150 million in a series B round led by SoftBank. At that time the company had a $750 million valuation.
JW Player, a video platform for broadcasters, publishers, and marketers has acquired video monetization company InPlayer. InPlayer is a subscription management and identity management technology platform that helping broadcasters and other video-driven businesses more easily monetize their subscription-based business and by providing rich audience insights.