Polish OTT TV technology provider Atende Software has announced strong growth for the first quarter and highlighted expansion plans following its acquisition by management and investment outfit Custodia Capital last year.
The company’s gross result for the first quarter of 2021 compared to the first quarter of the previous year increased by 219%.
Atende said that a team of over 100 engineers is currently working on further implementations of the technology in Poland and abroad. These include projects for TVN Discovery group, TV Play Baltics, the Polish National Film Archive – Audiovisual Institute and the Documentary and Feature Film Studio.
Highlighting its growth prospects, Atende cited PwC forecasts that indicate that the average annual growth rate of the OTT market in Poland will amount to 13.4 % by 2024, and its value will reach US$884 million at the end of the period.
Atende Software has focused on the development and commercialisation of the proprietary technology platform redGalaxy, which is the basis for the development of OTT TV services.
“We have unique technological competences, strong capital base and a strong position in Poland and the Baltic States. An interesting time is ahead of us: rebranding and a further growth with new products. Our strategy for the coming years is based on three pillars. The first is focusing on API-based cloud services, the second – creating a scalable OTT product for local and regional owners of unique content, and the third – expansion into new markets,” said Przemysław Frasunek, member of the management board of Atende Software.
“The solid quarterly result is the result of both technological and process maturity as well as subsequent implementations both from Poland and the Baltic region. Our development will be fostered by the growing internet TV market, in which local broadcasters are gaining more and more share. We also do not rule out capital investments in entities developing innovative and complementary technology.”