DENVER - Veritone, Inc. (NASDAQ: NASDAQ:VERI) has secured a content licensing agreement with Tennis Australia, enabling the company to distribute archival footage from the Australian Open to its North American clientele. This partnership marks a significant expansion of Veritone's sports content offerings, allowing buyers to access a broad range of tennis media through a unified platform.
The deal, announced today, brings together Veritone's digital asset management expertise with Tennis Australia's prestigious archive, which includes content from one of the four major Grand Slam® tournaments.
John Garcia, Head of Media Business Development at Tennis Australia, expressed enthusiasm about the partnership, highlighting Veritone's established track record in managing Grand Slam® tennis rights.
Craig Caruso, Vice President of Sports Media & Commercial Partnerships at Veritone, underscored the importance of the agreement, stating that it reinforces Veritone's leadership in sports content licensing. The addition of Tennis Australia and the Australian Open to Veritone's portfolio complements existing relationships with other major tennis organizations, such as the United States Tennis Association and the French Open.
The Australian Open 2024 recently achieved a global audience reach of over 2.17 billion people, indicating the high demand and popularity of tennis content. Veritone's AI-driven platform, aiWARE™, is poised to facilitate the curation, sourcing, and licensing of this content to meet the needs of buyers in advertising, documentary, editorial, arts, and entertainment sectors.
Veritone's broader mission is to design AI solutions that enhance human potential, serving various industries including media, entertainment, and the public sector. The company's AI platform orchestrates machine learning models, turning data into actionable intelligence and aiding organizations in improving efficiency and profitability.
The information presented in this article is based on a press release statement from Veritone, Inc.
In other recent news, Veritone Inc . has reported a strong start to 2024 with total revenue of $31.6 million and a year-over-year increase in non-GAAP gross profit to $24.6 million. Despite a non-GAAP operating loss of $7.6 million, the company showed a 7% improvement in subscription-based Annual Recurring Revenue (ARR) from Q1 2023. The firm aims to achieve non-GAAP profitability by Q4 2024 and throughout 2025.
Additionally, Veritone has appointed tech veteran Michael Keithley to its board, a move aimed at strengthening its position in the media and entertainment industries. This is part of Veritone's strategy to expand its market presence and enhance its offerings in media, entertainment, and sports.
Veritone has also partnered with Creative Artists Agency (CAA) to launch theCAAvault, a secure platform for storing and managing the digital assets of CAA's clients. This initiative is part of a broader effort to ensure the ethical use of artificial intelligence in the entertainment sector.
These are among the recent developments that continue to shape Veritone's strategic direction.
InvestingPro Insights
Veritone, Inc. (NASDAQ: VERI) has recently made headlines with its new content licensing agreement, but what does the financial data say about the company's performance? According to InvestingPro, Veritone boasts an impressive gross profit margin of 77.9% for the last twelve months as of Q1 2024, underscoring the company's efficiency in generating revenue from its cost of goods sold. Despite the positive gross margin, the company's revenue growth has experienced a downturn, with a -11.44% change over the last twelve months as of Q1 2024. This could be indicative of challenges in expanding its top-line sales or market reach.
InvestingPro Tips highlight that Veritone is quickly burning through cash and analysts are not optimistic about the company turning a profit this year. These insights could be crucial for investors considering the long-term viability of the company, especially in light of its recent expansion into sports content licensing. The company's market capitalization stands at $85.76 million USD, reflecting investor sentiment and market value at a glance.
For those interested in a deeper dive into Veritone's financials and performance metrics, InvestingPro offers additional tips to help investors make informed decisions. With a total of 11 InvestingPro Tips available, subscribers can gain more nuanced insights into the company's financial health, stock price volatility, and future profitability prospects. Use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, to access these valuable tips and enhance your investment strategy.
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