Media

Online video biz Brightcove earns $19.9M in Q1, sees bright future ahead

Online video platform company Brightcove reported $19.9 million in revenue in its first quarter as a public company, the company announced today.

“We are pleased to announce strong financial results, highlighted by 53% revenue growth year-over-year, in our first quarter as a public company,” said Brightcove CEO Jeremy Allaire, in a statement. “Brightcove continues to expand its market share leadership position, and we believe the company is well positioned at the center of multiple powerful growth trends — video, mobile, cloud and social. … With the proceeds from our IPO, we have greater resources to execute our growth strategy and expand our market leadership position.”

Digging down into the numbers, the quarter looked quite good for Brightcove. Outside of its strong revenue growth in Q1, it earned a gross profit of $13.6 million, compared to $8.7 million in the year-ago quarter. Operating loss decreased from a year ago as well, with the company reporting a loss of $3.2 million for Q1 2012, compared to a loss of $4.4 million in Q1 2011.

Brightcove went public in early February and is listed on the Nasdaq exchange. The company makes it possible for large and small content providers to publish video content to the web completely using HTML5 rather than Adobe Flash. On top of standard video, the company also has live, on-demand, and mobile-specific offerings.

Brightcove has 4,254 customers, as of March 31, 2012, which is up 49 percent year-over-year.