Video platform leader streams one million hours of video per month, sets all-time highs for active users, revenue, and renewals
SEATTLE — February 22, 2017 — Panopto, a leading provider of enterprise video platforms for businesses and universities, today announced that 2016 was its strongest year yet. The company delivered record revenue and achieved new high-water marks in product usage and customer retention.
As demand for easy-to-use video platforms continued to surge, monthly active viewership on Panopto grew 51 percent year over year, and for the first time, customers watched more than one million hours of video on Panopto in a single month. The company has amassed more than two million videos in its cloud-based video platform, making it the largest repository of expert learning videos in the world.
Best-Ever Fiscal Year Performance
Panopto achieved record business growth in 2016, with worldwide enterprise bookings growing 52 percent year over year. Customer commitment to Panopto reached an all-time high with a 95 percent renewal rate, and the company’s Net Promoter Score of 53 was more than double the industry average.
Notable new Panopto enterprise customers in 2016 included McKinsey & Company, Wipro, NetApp, GE Research, HSBC, Werner & Co., Fred Hutchinson, Nuance Communications, Tokio Marine North America, CareFirst Blue Cross Blue Shield, SAE International, and Hyland Software. Within education, new clients included Yale University, University of Cambridge, UCLA, University of Pennsylvania, The Juilliard School, University of Notre Dame, University of Louisville, UC Berkeley Haas School of Business, Universität Bielefeld, and Nanyang Technological University.
“The video platform industry has an amazing opportunity ahead,” said Eric Burns, co-founder and CEO of Panopto. “A technology that has already reshaped higher education will someday touch the life of anyone who seeks to communicate information or improve themselves through learning. With our relentless focus on making video easier to use, Panopto is uniquely positioned to capitalize on this trend, and to continue the growth we experienced in 2016.”
Worldwide Hiring and Expansion
In response to the accelerating growth of its business, Panopto announced plans to expand the company’s Seattle headquarters. After hiring 20 new employees in the fourth quarter of 2016, and with plans to further increase headcount in 2017, Panopto is doubling its office space in Seattle’s historic Smith Tower. The company is also moving into a new office in Pittsburgh that nearly doubles its available space. And in January, the company moved into new, larger offices in the heart of Hong Kong’s Kowloon district.
Also in 2016, Panopto continued to strengthen its leadership team, naming former Accenture and PeopleFirm executive Sam Crumley VP of Employee Experience.
Video Platform Innovation
Throughout the year, Panopto delivered product innovations that extend its lead in the video content management and live streaming markets. Highlights include:
Panopto also received accolades from industry analysts and the media. For the third consecutive year, Gartner recognized Panopto as a Leader in its annual Magic Quadrant for Enterprise Video Content Management, drawing praise from customers for the platform’s ease of use.
Panopto was also named a Readers’ Choice Top Product by University Business, and was included in the Streaming Media 100 Companies That Matter Most in Online Video.
Already in 2017, Panopto has been included in Fast Company’s prestigious Most Innovative Companies list, ranking #9 in the Top 10 Most Innovative Companies in Education.
Panopto helps universities and businesses create searchable video libraries of their institutional knowledge. Since 2007, the company has been a pioneer in video content management systems, video capture software, and inside-video search technology. Today, Panopto’s video platform is the largest repository of expert learning videos in the world. Headquartered in Seattle, with offices in Pittsburgh, London, Hong Kong, Beijing, and Sydney, Panopto has received industry recognition for its innovation, rapid growth, and company culture. For more information, visit www.panopto.com.