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This statistic highlights Veritone’s Revenue by Segment, reported on a quarterly basis and split across Advertising, and aiWARE SaaS Solutions , aiWARE Content Licensing and Media Services segments.
|Segment||Q3 2020||Q2 2021||Q3 2021||Contribution in Q3 2021|
|aiWARE SaaS Solutions||$3.35||$5.59||$9.07||39.69%|
|aiWARE Content Licensing and Media Services||$3.60||$3.66||$3.98||17.53%|
(All figures are in millions, except percentages)
Veritone’s Revenue by Segment increased $15.72 million in Q3 2020 to $22.65 million in Q3 2021, marking a rise of 44.08%% on a year-on-year basis. It increased by 17.90% compared to $19.21 million earned in Q2 2021.
Veritone’s Revenue by Segment is further bifurcated:
Veritone’s wholly-owned subsidiary, Veritone One, Inc., is a full-service media advertising agency. Veritone One specializes in host-endorsed and influencer advertising and is one of the world’s largest full-service performance-based audio advertising agencies. Among the services they provide are media planning and strategy, media procurement and placement, campaign messaging, clearance verification and attribution, and bespoke analytics.
They use their aiWARE platform to help their advertising customers enhance their media placements and maximize the return on their advertising spending by providing real-time ad verification and media analytics, which they think offers them a competitive advantage over other ad agencies.
They can manage, deliver, optimize, verify, and quantify native and spot-based advertising campaigns and content distribution for their clients across multiple channels, such as broadcast and satellite radio, streaming audio, podcasting, broadcast and cable television, and digital video services like YouTube. They spent $257.8 million on media advertising for their advertising clients in 2020, including 1-800 flowers.com, Audible, DraftKings, HelloFresh, LinkedIn, Uber, and many others.
The major component, about 42.51% of the company’s total revenue, was made up of Advertising. Veritone’s revenue owing to the Advertising segment increased from $8.76 million in Q3 2020 to $9.65 million in Q3 2021, indicating a rise of almost 10.15% on a year-on-year basis. It decreased by 3.20% compared to $9.97 million earned in Q2 2021.
aiWARE SaaS Solutions
Veritone’s aiWARE SaaS solutions are sold and promoted through a mix of direct and indirect channel partners, including value-added resellers (“VARs”), distributors, system integrators, managed service providers, and referral partners.
Sales development representatives, sales engineers, solutions architects, and other inside sales personnel in their direct sales organization are supported by teams of business development managers, account executives, and sales managers. These sales teams are divided into groups based on their specific knowledge and expertise in each of our target industries. Their sales force collaborates closely with their product marketing, management, and development teams to assess and develop solutions to satisfy the demands of their clients.
Veritone has formed agreements with channel partners in the United States and other countries. These agreements usually provide channel partners with discounts below their normal prices, have one-year contracts that automatically renew on an annual basis, and are normally terminable at any time when either party provides a stipulated notice period. Through their deal registration program, they allow channel partners to register sales opportunities.
Veritone’s revenue from the aiWARE SaaS Solutions segment climbed from $3.35 million in Q3 2020 to $9.07 million in Q3 2021, marking an increase of 170.74% on a year-on-year basis. It also increased by 62.25% as compared to $5.59 million earned in Q2 2021. It contributed almost 40% to the company’s revenue.
aiWARE Content Licensing and Media Services
Veritone offers digital content licensing services, through which they manage and license content on behalf of leading rights holders to end-users in the film, television, sports, and advertising industries. Content is licensed either through their own Commerce web portal, customer-branded web portals, or other licensing arrangements.
Licensees use the technology to ensure they have access to broadcast-quality digital assets for their projects, including films, documentaries, and large advertising campaigns. They also use it to help them identify and acquire information for their customers’ projects.
Revenue from the aiWARE SaaS Solutions segment increased from $3.60 million in Q3 2020 to $3.98 million in Q3 2021, marking an increase of 10.55% on a year-on-year basis. It increases by 8.74% on a quarterly basis. It contributed almost 18% to the company’s revenue.
About the Company
Veritone One, an advertising agency, and Veritone Digital, which provides content management solutions and licensing services, both employ the company’s products and services. More than 2,000 customers use its proprietary operating system, aiWARE, including police departments, state and municipal district attorneys, media conglomerates, radio and television stations, and movie studios.
Veritone Inc. (Nasdaq: VERI) is a Denver-based artificial intelligence technology business that was launched in 2014. Global media conglomerates, professional sports teams, federal government agencies, energy utilities, and state and local police departments have licensed and used Veritone’s aiWARE technology and solutions. Veritone has over 1,500 customers all around the world.
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