Revenues roar at ZOO
ZOO Digital Group, a world-leading provider of cloud-based localisation and media services to the global entertainment industry, has stated its revenues have continued to rise as it benefits from its ability to undertake projects remotely.
Despite new productions have been on hold due to ongoing pandemic, the Sheffield-based business states it is seeing increased workflow from preparing back catalogue titles for digital distribution internationally.The firm added however that once production restarts it doesn’t expect the volume of back catalogue work to continue at such high levels.
As a result of the current demand it states that it expects results to be ahead of market expectations with revenues for the full year to be at least $38 million, $8.2m ahead of its 2020 results and marking an acceleration of growth in the second half over the first half of 35%.s.
Looking ahead the business claimed it was “encouraging” that production has restarted in some cases and that the market shift to streaming was creating new opportunities for the business, as broadcasters source more “broadly from international producers”.
Stuart Green, chief executive officer at Zoo said: “ZOO Digital has traded very strongly and is pioneering and innovating the services it provides to the global entertainment industry. Our technology-first, cloud-based approach has positioned the Group very well to meet market requirements during and subsequent to the pandemic, despite the disruption caused to new production.”
He added that as “a trusted partner to major media companies” the business is able to benefit from the move by major studios and streaming services to globalise their content in order to reach audiences worldwide.
The trading update added that the pandemic has provided ZOO with the opportunity to increase its engagement with dubbing customers due to the differentiated benefits of its cloud technology, during a time when it is believed its its major competitors have experienced revenue declines. With the board believing the digital transformation of the industry which was accelerated by Covid-19 will continue to support the firms growth as production restarts.