Sonic Foundry, Inc. (NASDAQ: SOFO), the trusted leader in video capture, management and streaming solutions, today announced that its Vidable™ business, which offers AI-powered analytics and transformation solutions for video, will partner with its Video Solutions business to develop an offering focused on supporting the events market. The announcement dovetails with Vidable GM Mike Snavely’s appearance yesterday at Meeting Planners International’s annual World Education Congress (MPI WEC23), which included leading a session titled “Leveraging the Power of AI: How Artificial Intelligence is Disrupting the Events Industry”.
Sonic Foundry CEO Joe Mozden, Jr. commented, “The partnership that our Video Solutions business recently established with CTI Meeting Technology has given us a deeper window into the growing need for events-specific AI solutions. This represents a massive go-to-market opportunity for our Vidable business, particularly given the immediate access to prospective customers that our Video Solutions team can facilitate. Over the next several months, our Vidable and Video Solutions businesses will pursue this market opportunity as a joint initiative, one of many examples of how our team is capitalizing on the opportunities inherent in Sonic Foundry’s new ‘family of brands’ corporate structure.”
Snavely elaborated, “The discussions around AI at MPI WEC23 were very productive, and further validated our belief in the value of the market opportunity for events-oriented video AI. Accordingly, the next phase of Vidable’s go-to-market strategy will involve partnering with Video Solutions customers to mine video captured at live conferences for insights that help sponsors understand attendee sentiment and help conference promoters better serve the needs of their attendees. Ultimately, we believe this is a model for helping organizations to substantiate the ROI of event sponsorship with far more definition than was previously possible.”
As of June 2023, Vidable has initiated and sold transactions representing over a million hours of AI transformations for enterprise video. It has also begun expanding its business outside the U.S. with the establishment of a GDPR-compliant instance of Vidable in the E.U.
More information on Vidable is available here.
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