Verimatrix says its ambitions for 2025 will take longer to achieve after the company reported a stabilisation within its anti-piracy business.
It comes as the broadcasting market continues to decline, which has been partially offset by a growth in OTT service and a move from a sales model to one of subscription revenues that climbed 69% overall.
“2023 marked an important milestone for Verimatrix. The transformation initiated three years ago on both the offers and the revenue model has enabled a stabilisation of revenue and an improvement in EBITDA. Due to changes in market conditions over the past two years, the ambitions for 2025 will take more time to achieve. In 2024, the teams remain focused on increasing recurring revenues to above 50% of total revenue, and on profitability,” said Amedeo D’Angelo, Executive Chairman of Verimatrix in a statement.
Losses narrowed from $17.6 million in 2022 to $14.3 million in 2023.
