As part of its FY 2022 results, Avid has revealed its paid cloud-enabled software subscriptions increased during the year by approximately 95,400 to approximately 506,000 as of December 31, 2022, an increase of 23.2 per cent year-over-year.
The company also saw its subscription revenues increase by 39.5 per cent compared to 2021, reaching $151.3 million.
Avid said its total revenue for 2022 was $417.4 million, an increase of 1.8 per cent year-over-year.
Speaking about the company’s results, CEO Jeff Rosica said: “We remain pleased with the overall business performance in the fourth quarter as we continue to see strong growth in our software subscription business for both creative and enterprise customers.
“Our customers continue to adopt our enterprise subscription offerings, which, combined with creative subscription growth, resulted in solid growth in ARR. In addition, we continued making progress in resolving supply chain challenges in our integrated solutions that we experienced throughout 2022,” he added.