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Brightcove

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Brightcove, Inc.
Company typePublic
IndustryInternet video
Founded2004; 20 years ago (2004)
Founders
HeadquartersBoston, Massachusetts, United States
Key people
  • Marc DeBevoise (CEO)
  • Rob Noreck (CFO)
RevenueDecrease US$201 million (2023)[1]
Number of employees
670 (2023)[2]
Websitebrightcove.com

Brightcove, Inc. is an American software company based in Boston, Massachusetts, that produces an online video platform. Founded in 2004 by Jeremy Allaire and Bob Mason, the company went public in 2012, and in 2024 was acquired by Bending Spoons.

History

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Brightcove was founded in 2004 by Jeremy Allaire, who served as Executive Chairman until April 2016,[3] and Bob Mason. The company was named after a harbor where the founder liked to kayak named Bright Cove Harbor in Cape Cod, Massachusetts.[4]

In March 2006, Brightcove acquired Seattle-based Metastories, makers of StoryMaker, a publishing tool for video, audio, images, and text. In May of that year, it established a distribution partnership with TiVo[5][6][7] and a content delivery partnership with Limelight Networks.

Coinciding with a series of deals with UK media companies, Brightcove opened an office in London in July 2007.

In November 2009, Brightcove was named as one of the top two U.S. video platform vendors.[8]

In April 2010, it was reported that Brightcove raised $12 million in fourth-round funding, nearing a total of $100 million, but still barely breaking even with the projected $50 million in annual revenue.[9]

In August 2010, Brightcove announced a content delivery partnership with Akamai Technologies.[10] Along with Akamai Technologies, its other partnerships include the ones with Sitecore, Cleeng,[11] FreeWheel, YuMe, Conviva, Oracle, DoubleClick, and other organizations.[12]

As a public company

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Brightcove went public in February 2012 with their stock priced at $11 per share. The price of the stock during the summer of 2017 was $7 per share, with the stock down 38 percent in the past year.[13]

In July 2017, the company announced that CEO David Mendels agreed to step down as of July 31, 2017.[14] Andrew Feinberg, previously Brightcove's president and chief operating officer was named acting CEO[14] until April 2018 when Jeff Ray was appointed as the new CEO.[15]

Internet TV partnerships

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In December 2005, Brightcove partnered with Reuters to create a program to syndicate customized news video players.[16]

In 2006, Brightcove completed Internet TV partnership deals with a number of large media companies including The New York Times Company (NYTimes.com and About.com),[17] Discovery Communications (Discovery Channel, Travel Channel), and Sony BMG among others.

In 2007, Brightcove capitalized on a trend of magazine and newspaper publishers expanding into online video[18] by signing deals with print media companies including Time Inc., TV Guide, and Washingtonpost.Newsweek Interactive.

Since then, a number of television and cable media companies have begun to use Brightcove as an alternate, non-exclusive distribution channel for their video content.[19]

Acquired by Bending Spoons

[edit]

Bending Spoons, an Italian technology company agreed to acquire Brightcove for $233 million.[2]

Brightcove Studio

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The Brightcove Studio was home to the Brightcove Internet TV platform. Geared toward professional video publishers, the studio was used to create, customize, distribute, and monetize video player widgets. Videos, lineups, players, and online channels were all created and managed through a content management system called the Brightcove Console, an Adobe Flex-based internet application. Monetization was achieved through video sales and advertising.

Former services

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Brightcove.tv

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Brightcove.tv was a video website dedicated to promoting Brightcove content. Every publisher who created a Brightcove account was assigned a channel, their own page on Brightcove.tv.

Publishers could customize their channel through the Brightcove Console. Simple details like the channel's name, logo, and description could be updated in the user's profile. The content of a channel was defined by changing the settings of individual titles, lineups, and players to allow distribution and promotion on Brightcove.tv.

On December 17, 2008, Brightcove shut down Brightcove Network accounts that had not been upgraded to paid Brightcove platform accounts. At the same time, they shut down the Brightcove.TV website (which is separate from the corporate Brightcove website).[20]

App Cloud

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In May 2011, Brightcove announced its App Cloud online product that was targeted at the development of mobile applications.[21] App Cloud allows companies to develop apps once using its online interface, and then deploy them as iPhone and Android native apps.[21]

App Cloud was made generally available in November 2011.[22] NBC used App Cloud to power its NBCU Screen It Emmy screener app for the iPad. The app allows 15,000 members of the Academy of Television Arts & Sciences who vote on the Emmy awards to gain authenticated access to view NBC's programs.[23] The App Cloud was terminated in early 2013.[24]

Products

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  • Video Cloud
  • Video Marketing Suite
  • Enterprise Video Suite
  • Brightcove Campaign
  • Brightcove Continuum
  • Brightcove Engage
  • Player
  • Live
  • SSAI
  • OTT Experiences
  • Zencoder

Management

[edit]

In November 2014, Brightcove brought on its new Chief Financial Officer Kevin R. Rhodes.[25] He was later replaced by Robert Noreck, who had previously served as a Senior Vice President. Noreck assumed the role of Executive Vice President as well. In July 2017, the CEO David Mendels stepped down, after a year of poor stock performance. Andrew Feinberg who was the president and chief operating officer of Brightcove earlier, was the acting CEO until Jeff Ray was named CEO in April 2018.[26][27] Upon his retirement in February 2022, Ray was succeeded by Marc DeBevoise, former president of CBS Interactive and Chief Digital Officer of ViacomCBS.[28][29]

References

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  1. ^ "2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 22, 2024.
  2. ^ a b Chesto, Jon (November 25, 2024). "Video company Brightcove sold for $233 million to Italian app developer". Boston Globe.
  3. ^ "Brightcove Appoints Gary Haroian as Chairman of the Board of Directors (NASDAQ:BCOV)". investor.brightcove.com. Archived from the original on 2017-07-23. Retrieved 2017-07-26.
  4. ^ Maffel, Lucia (2018-11-01). "The Stories Behind Your Favorite Boston Startup Name". BostInno. Retrieved 2018-11-08.
  5. ^ Lieberman, David (2006-05-09). "TiVo Hooks up with Internet Video and Ad Sales Service". USA Today. Retrieved 2010-04-26.
  6. ^ Wingfield, Nick (2006-05-10). "TiVo to Offer Video From the Internet In Brightcove Deal". The Wall Street Journal.
  7. ^ "TiVo Links with Brightcove as PC-TV Lines Blur". CNET. 2006-05-09. Archived from the original on January 30, 2013.
  8. ^ "Brightcove a top online video platform vendor". MBI(UK):Broadcast. 2009-11-10.
  9. ^ "Brightcove raises $12M on way to IPO: More money down the online-video drain?". VentureBeat. 2010-04-05. Archived from the original on 2010-04-07.
  10. ^ "Akamai & Brightcove Announce Global Alliance". Brightcove Blog.
  11. ^ "Cleeng Partners with Brightcove For Video Content Micropayments | Archives, Technology | Cablefax". Cablefax. 2011-05-05. Retrieved 2017-08-21.
  12. ^ "New Brightcove Video Player Receives Broad Support from the Video Ecosystem". comScore, Inc. Retrieved 2017-08-21.
  13. ^ O'Brien, Kelly J. (2017-07-26). "Brightcove CEO David Mendels steps down". Boston Business Journal. Retrieved 2017-07-27.
  14. ^ a b Martin, Dylan (26 July 2017). "Brightcove CEO Resigns After Facing Investor Pressure". The Business Journals. Retrieved 21 May 2024.
  15. ^ "Brightcove Appoints Jeff Ray CEO". Reuters. 11 April 2018.
  16. ^ "Reuters video to get mass distribution". CNET. 2005-12-20. Archived from the original on September 7, 2012.
  17. ^ "The New York Times partners with Web-video firm". Crain's New York Business. 2006-02-08.
  18. ^ Lieberman, David (2007-02-12). "Magazines start studios to join online video craze". USA Today. Retrieved 2010-04-26.
  19. ^ Schneider, Michael (2007-06-17). "Fox locks deal with Web TV service: Brightcove pacts with company". Variety.
  20. ^ GigaOM NewTeeVee.com Archived 2008-11-07 at the Wayback Machine (11/03/2008)
  21. ^ a b Devindra Hardawar, VentureBeat. "Brightcove steps into app creation biz with App Cloud." May 24, 2011.
  22. ^ Lawler, Ryan (November 30, 2011). "Brightcove launches cloud-based mobile app platform". Archived from the original on 4 April 2012. Retrieved 26 March 2012.
  23. ^ Richmond, Will (March 16, 2012). "Brightcove Powering NBCU's New Emmy Screener iPad". Retrieved 26 March 2012.
  24. ^ "Brightcove AppCloud FAQ" (Press release). June 20, 2013. Archived from the original on 2 March 2013. Retrieved 20 June 2013.
  25. ^ David Harris, Boston Business Journal"Brightcove taps PlumChoice exec as new CFO." November 10, 2014.
  26. ^ "www.bizjournals.com/boston/news/2017/07/26/brightcove-ceo-david-mendels-steps-down.html". www.bizjournals.com. Retrieved 2017-08-22.
  27. ^ "Leadership | Brightcove". Brightcove. Retrieved 2018-07-30.
  28. ^ Maas, Jennifer (2022-02-09). "Former ViacomCBS Digital Chief Marc DeBevoise Named Brightcove CEO". Variety. Retrieved 2022-02-10.
  29. ^ Coster, Helen (2022-02-09). "EXCLUSIVE-Brightcove names former ViacomCBS exec Marc DeBevoise CEO". Nasdaq. Archived from the original on 2017-12-19. Retrieved 2022-02-10.
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