ZOO Digital Group, which is a provider of cloud-based localisation and media services to the global entertainment industry, said it is well positioned to continue to benefit from the unrelenting rise in streaming video.
The group has announced its audited financial results for the year ended 31 March 2021.
Over the year, revenue grew by 33% to $39.5 million and adjusted EBITDA more than doubled to $4.5 million.
Cloud software allowed ZOO to continue to provide an efficient, secure and uninterrupted service to customers throughout the global pandemic, the company said.
Increased workflow from preparing back catalogue titles led to significant increase in demand for media services, more than compensating for the drop-off in new productions and resulting in sales for this segment in the period of $17.5 million, which is an increase of 136% .
The business continued to establish a presence in key territories, as it increased the number of partner studios and vendors to 232, the group said.
After the period end, a placing raised £7.4 million in April 2021 to support growth and investment in research and development.
Stuart Green, the CEO of ZOO Digital, commented: “ZOO performed strongly during the year with revenues growing by a third to $39.5 million and making good progress towards our ambitious goal of $100 million of sales. Adjusted EBITDA more than doubled to $4.5 million.
“In a year when the world stayed at home and watched more TV, ZOO worked from home to deliver more content, to more audiences than ever before.
"We support major Hollywood studios and streaming services to globalise their new and catalogue content in all languages. The industry in which we operate is huge and is undergoing a structural shift which has markedly accelerated over the past 12 months. ZOO is positioned well to continue to benefit from the unrelenting rise in streaming video.
“Looking forward, we continue to win new business as production of new titles is now resuming and significant orders for catalogue projects continue. Our new financial year has begun well, maintaining the momentum achieved last year, and we remain confident of continuing growth and achieving market expectations.”