10 Jul 2018 07:00
10 July 2018
Big Sofa Technologies Group plc
("Big Sofa" or the "Company")
Launch of Video Manager and Video Stories
· Further productisation of Big Sofa's offering with the launch of two additional core solutions: Video Manager and Video Stories
· £0.5 million of commissioned work for both solutions in the year to date
Big Sofa (AIM: BST), a fast-growing international video analytics provider to consumer brands and market research agencies, announces the launch of two additional solutions: Video Manager, a video storage, collation and analysis tool, and Video Stories, a solution for capturing video data embedded in market research surveys.
Video Manager
Video Manager is a SaaS-based solution which enables clients to upload, store and manage video using Big Sofa's analytics platform. The tool is focused on the qualitative market research sector, enabling long-form video content - which could include content from focus groups or in-depth interviews - to be analysed quickly and in greater depth than previously possible.
Clients are able to use Video Manager to store large volumes of video data, which are then transcoded and stored on dedicated, secure servers. This content can then be translated ensuring video data can be analysed globally, and is seamlessly accessible across the Big Sofa platform. Following the upload of video, clients can mine and re-mine data, performing specific searches through all video captured to find relevant content. In the year to date, clients including Procter & Gamble, 84.51˚ and The Boston Consulting Group have commissioned c. £400,000 of work for Video Manager.
Video Stories
Video Stories is focused on the quantitative market research sector and enables companies to collect video embedded in surveys, in addition to traditional data. Through the use of video in surveys, individuals give more genuine and authentic responses. Big Sofa's technology allows this video to be analysed as quantitative data providing greater consumer insight. Ipsos, a key partner of Big Sofa, has won more than £100,000 of work using Video Stories with demand for embedded Big Sofa solutions increasing across Ipsos's product testing teams.
Revenues are generated from Video Manager and Video Stories from an initial licence fee and an upload fee based on hours of video added to the Big Sofa platform. After the initial licence period expires, additional licence fees are payable for ongoing access to the video data. These licence fees are supplemented by additional technology consulting fees for the analysis of uploaded video content.
Simon Lidington, Chief Executive Officer of Big Sofa, commented:
"We now have a comprehensive and clearly defined product range, comprising Video Observer, Video Manager and Video Stories, which has been carefully developed to ensure Big Sofa is ideally placed to help clients extract value from video, whatever the situation. Our disruptive technology gives clients access to what consumers are actually experiencing and how they are behaving, at scale, driving deeper consumer understanding as well as encouraging the re-use of video content and data for multiple purposes.
Our strategy of developing and launching innovative technology is attracting increasing attention from global clients who want to capture, store and use video to deliver better, faster and cheaper insight. We believe this presents a significant opportunity for Big Sofa, which the increasing commercialisation of our offering will enable us to continue to capitalise on."
Enquiries
Big Sofa Technologies Group plc | via Vigo Communications |
Simon Lidington, CEO |
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Matt Lynch, CSO |
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Joe MacCarthy, CFO |
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Arden Partners plc (Nominated Adviser and Broker) | +44 (0)20 7614 5900 |
Paul Shackleton / Ben Cryer |
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Vigo Communications (Financial Public Relations) | +44 (0) 20 7390 0230 |
Ben Simons / Jeremy Garcia / Antonia Pollock |
About Big Sofa Technologies Group plc
Big Sofa is a B2B technology business servicing the marketing and consumer insight industries with video analytics.
Our software platform collates, analyses and organises large volumes of raw/unstructured video content enabling companies to perform detailed and sophisticated consumer insight analysis; and make genuine use of their video content.
Until recently, video has been difficult and expensive to capture, upload, store, manage and analyse as a consumer insight tool. However, proliferation of smart phones has empowered consumers to speak directly to brands resulting in an evolution of consumer insight and data analytics techniques, with video emerging as a key platform in a massive $33 billion consumer research market.
Big Sofa's shares are admitted to trading on the London Stock Exchange's AIM market under the ticker BST.L.
To find out more, visit www.bigsofatech.com
Follow us on twitter at @bigsofatech