Archive for September, 2010

Transition to HDTV to Drive European Broadcast Project Spending

broadcast industry technology trends, broadcast industry trends, broadcast technology market research | Posted by Joe Zaller
Sep 20 2010

This article was originally written for and published by the IBC Daily News.

Much of the technology spending in the broadcast industry is project-based, and for the past several years the transition to HDTV operations has been one of the key drivers of large scale CapEx by broadcasters and other broadcast professionals in the EMEA region.

Our research shows that the transition to HDTV will continue to be the top driver of technology spending.  But which product categories will be the beneficiaries of this spending, and just how long will the transition continue?

This article uses data from the 2010 Big Broadcast Survey (BBS), the broadcast industry’s largest ever and most comprehensive study of the broadcast industry, to help answer these questions.  We’ll do this by looking at three key drivers of broadcast technology spending: the major planned projects in EMEA; the current and future technical make-up of the broadcast infrastructure in EMEA; and finally the projected HDTV upgrade cycles for a variety of product categories.

 

Major Planned Projects in Europe

In an industry where major projects drive technology spending, it’s important to understand what projects are being planned by broadcast professions.

The chart below, which provides a breakdown of the projects planned by more than 1,400 broadcast professionals from EMEA, shows that upgrading infrastructure for HD / 3Gbps operations is by far the most common project in the region.

It also shows that workflow / asset-management and archive-related projects will be deployed in EMEA, along with new studios and new channels (many of which will certainly be HD-capable).

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The Technical Make-up of EMEA’s Broadcast Infrastructure

But how much of the HD transition in EMEA has already been completed, and how long will move to HDTV operations continue to drive spending?

To find out we asked our research participants about the state of their broadcast infrastructure, and their plans to upgrade their equipment to HD.  It turns out that not only is there still a considerable amount of HD upgrades to be done, but also that customers intend to carry on with these upgrades over the next several years.

While more than half of the broadcast infrastructure in EMEA is SDI, only about a quarter has been transitioned to HDTV operations. 3Gbps appears to have not yet been widely deployed in the region.

Interestingly, 19% of EMEA’s broadcast infrastructure is still analog.  This begs the question of whether this infrastructure will be upgraded directly to HD, skipping out SDI all-together.

With such a considerable amount of analog and SDI infrastructure in the EMEA today, the transition to HDTV, and the CapEx required to make this happen, would appear to be far from over.

Indeed, when we asked respondents to project the technical make-up of their infrastructure in 2-3 years time, the picture was quite different.  For example, respondents predicted that in 2-3 years the amount of analog infrastructure in EMEA would fall to just 7%, while the amount of HD infrastructure would jump considerably.  This strong increase in HD infrastructure will come from the upgrading of current SDI plant, as well as migrating analog equipment directly to HDTV.

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HDTV Upgrade Plans in EMEA

So having established that the transition to HDTV operations will continue to drive CapEx for broadcast infrastructure, what equipment categories will see the benefit of this spending?

BBS respondents were asked detailed questions about both the current state of the plant infrastructure, as well as their plans between now and 2012 to upgrade a variety of individual products types to HDTV.

Overall about 20% of respondents have fully upgraded each product category to HDTV, with another 25-40% partially upgraded.  This implies that there is still a considerable amount of HDTV upgrades to come in the coming years as analog and SDI plants, along with those that have partially moved to HD are converted to full HDTV operations.

Understanding how the factors discussed above drive CapEx should help industry participants to better plan their business strategies as we enter 2011.  Tracking major projects is important because they are one of the industry’s most important drivers of technology CapEx, because projects drive capital budgets, which ultimately drive product purchase.   When interpreting these findings, it’s important to note that these results look across a wide geographic region.  Granular analysis of the information in this article is available from Devoncroft Partners.

Harmonic – Omneon Deal Now Official — Indemnification Holdbacks Top $33m

broadcast industry trends, broadcast technology market research, Broadcast technology vendor financials | Posted by Joe Zaller
Sep 16 2010

Yesterday, Harmonic announced that it has completed its acquisition of Omneon. According to the company’s press release, the deal involved an aggregate consideration of approximately $194 million in cash and approximately 17.1 million shares of its common stock, which represents an enterprise value of approximately $273 million, based on the value of Harmonic’s common stock as set forth in the definitive acquisition agreement and net of Omneon’s cash balances.

As is common with these deals, some of the proceeds were held back for the purposes of indemnification.  According to SEC filings the amount of indemnification monies set aside was about $33.9m, consisting of approximately $21 million in cash and 1,926,920 shares of Harmonic common stock (valued this morning at $12.9m).

The company also said that at the time of the transaction each unvested Omneon stock option and unvested restricted stock unit representing Omneon common stock became exercisable for or represented, as the case may be, Harmonic common stock, with the number of shares and, in the case of the options, the exercise price, being appropriately adjusted based upon a pre-agreed exchange ratio.

Harmonic will file financial statements for Omneon as an amendment to the current filing as soon as practicable, but in no event later than 71 calendar days from September 15, 2010.

You can read Harmonic’s full SEC filing here.

More Broadcast Vendor M&A — Telestream Purchase of Anystream Now Official

broadcast technology market research | Posted by Joe Zaller
Sep 10 2010

Transcoding vendor Telestream announced today that the company has completed the acquisition of rival transcoding provider Anystream. 

According to the company, the deal “propels Telestream to the dominant position in the video transcoding market and significantly enhances Telestream’s ability to provide a greater range of enterprise-class live and on-demand workflow applications.”

Anystream’s products, services, and customer base will be incorporated into Telestream, who will continue to sell Anystream products at current prices.  .

The terms of the deal were not announced.  Speaking of the terms, it is my understanding that there is more to this deal than has so far been disclosed publicly.

You can read the full Telestream announcement here.

AmberFin Closes Funding Round — Fourth Transcoding-Related Transaction in Past Few Months

broadcast technology market research, Broadcast technology vendor financials | Posted by Joe Zaller
Sep 10 2010

Ingest and transcoding vendor AmberFin announced today the company has secured additional investment from UK-based venture capitalist Advent Venture Partners. The amount of the funding round was not disclosed.

AmberFin, which was spun out of Snell & Wilcox in April 2008, says it will use the new money to capitalize on the expanding demand for file based workflows.

According to the company, AmberFin has recently closed a number of strategic business wins, and been active in three key industry initiatives to grow the file based workflow market, the VCO Forum, the JPEG2000 alliance and the joint EBU/AMWA FIMS project.

Company CEO Jeremy Deaner said that an increasing number of broadcast industry players are investing in file-based workflows, and that “AmberFin is well placed to service this growth business as our expertise and technology encompasses both existing Broadcast video workflows and new IT centric working practices.”

There has been quite a bit of activity in the transcoding space recently, and the announcement by AmberFin is the fourth transcoding-related transaction in recent months.  In addition to the AmberFin funding deal:

  • Ripcode was purchased by RGB networks
  • Elemental Technologies closed a funding round led by Steamboat Ventures
  • Telestream purchased the operating business of rival transcoding vendor Anystream

More Broadcast M&A – Miranda Buys OmniBus for C$48.7m

broadcast industry technology trends, broadcast industry trends, broadcast technology market research, Broadcast technology vendor financials | Posted by Joe Zaller
Sep 09 2010

Montreal-based broadcast infrastructure provider Miranda Technologies announced today that it is buying automation and specialist OmniBus Systems for C$48.7m.  Miranda is purchasing OmniBus from current owner Capital Partners, a pan European private equity firm.

Miranda is paying cash for OmniBus, using cash-on-hand and an existing credit facility. The transaction is expected to be accretive to earnings within the first full year of operation, and should generate product and distribution synergies.

According to the press release announcing the deal, OmniBus had revenues of C$24m for the 12 month period ending June 30, 2010, and posted EBITDA of C$4m.

“With its compelling IT based playout and automation solution, called iTX, OmniBus is leading broadcasters away from multi-vendor, hardware-based systems, towards a single fully integrated, software platform,” commented Strath Goodship, Miranda’s President and Chief Executive Officer.

“The addition of OmniBus, and specifically iTX, allows Miranda to uniquely offer the complete range of playout solutions, from traditional hardware to a fully software-based environment. We are now exceptionally positioned to help our customers transition to more efficient operations, by offering the best fit of hardware and software products to suit their individual requirements.”

You can read the full announcement of the Miranda / OmniBus deal here.

Evertz Q1 2011 Revenue up 2%

broadcast technology market research | Posted by Joe Zaller
Sep 09 2010

Broadcast infrastructure provider Evertz Microsystems released their Q1 results yesterday.

Revenue for the quarter was C$73.8m, up 2% y/y.  Sales in the US and Canada were up 2%, while sales in the international region (defined by Evertz as outside the US and Canada) were up 3%.

The company’s gross margins for the quarter were 58.3%, down from the 60% gross margins achieved in the same period of 2009. Net earnings however, increased by more than 20% to C$20.6m.

The company’s R&D expenditure during the quarter increased by 10% y/y to C$8m.

The company’s purchase order backlog at the end of August 2010 was in excess of C$32m and shipments during the month of August 2010 exceeded C$26m.

You can read the full Evertz earnings release here.

Investment Bankers Publish Strategic Analysis of the Media Technology Industry, Just in time for IBC 2010

broadcast industry technology trends, broadcast industry trends | Posted by Joe Zaller
Sep 08 2010

Boutique investment bank Silverwood partners, who is very active in the broadcast market, often publishes a commentary on the digital media industry in the run up to major trade shows, and IBC 2010 is no exception

The company recently published a 39-page slide deck  that offers a strategic analysis of the media technology industry. In it Silverwood bankers outline their perspective on the broadcast industry.  The document, which is in the form of a slide deck, is split into three parts.

Part one covers general industry trends such as activity, audience fragmentation, live vs. non-live broadcast, and 3DTV (long terms and short term impact),  before moving on to more detailed commentary on the state of the industry.

The analysis starts with a slide titled “The Crisis in Broadcast and Post‐Production” that uses IABM data to show the number of broadcast technology vendors operating at a loss while experiencing declining sales.

Paret three finishes up with an overview of online video (a slight departure from their NAB 2010 note) and a summary of recent industry M&A transactions.

In a nutshell, Silverwood’s thesis is that the industry is changing, and vendors must change and/or consolidate to survive in this new environment.  Silverwood makes this case by highlighting the changing business models of broadcasters, the unstoppable encroachment of generic IT technology, the shift in selling, and the ways in which broadcast technology procurement is changing.

Naturally, Silverwood who makes their money through fees associated with transactions, is encouraging vendors to explore M&A and consolidation in order to survive in the current environment.

Nevertheless, this is highly relevant and thought provoking document, which should be required reading before IBC 2010.

You can download Silverwood’s 39-page analysis of the media technology industry here.

SeaChange Q2: Top Line Up 11%, But VOD Sales and Outlook Slump. Server + Storage BU to the Restructured

broadcast technology market research, Broadcast technology vendor financials | Posted by Joe Zaller
Sep 03 2010

Video-on-demand specialist SeaChange released their Q2 results on Thursday. Revenues for the quarter increased 11% to 51.6m, but were below the expectation of analysts who expected revenues to come in at around $54m. The company earned $3.5m, an improvement on the $376K loss it posted a year ago.

The higher top-line was driven by an increase in software revenue, thanks to the recent acquisitions of eventIS and VividLogic.  The company also said that higher VOD software maintenance revenue contributed to the increase in Software segment revenue.

However hardware sales declined 13% during the quarter, due to  lower VOD server shipments to North American and Latin American service providers offset partially by a large Broadcast server order shipped in a previous quarter and accepted by the customer in the 2011 fiscal second quarter. 

The company said that it expects lower VOD hardware demand to continue through the end of the fiscal year.

Company Chairman & CEO Bill Styslinger said that the company plans to restructure the server and storage business, and issued lower guidance for the company due to lower revenue in the server and storage revenue, combined with “software revenue challenges related to product commercialization and customer launch delays.”

Investors did not like this outlook, sending shares down sharply.

You can read the full SeaChange earnings press release here.