With more than half of 2022 now behind us, it’s a good time for a quick look back at the first six months of the year, as well as a look ahead.
A Promising First Half
We will report our second quarter and first half results next week on Aug. 10. We remain encouraged by the progress we’re making in transforming Qumu into a cloud-based provider of enterprise video capabilities delivered via a Software-as-a-Service (SaaS) model. In short, investments we made and strategies we implemented in 2021 are now benefitting 2022 results.
For example, during the second quarter, we added new customers at twice the rate of the first quarter. In addition, in the first half of 2022, more than 80 percent of our new logo bookings were sourced or influenced by our channel partners.
Punching Above Our Weight with Partners
Our network of partners is letting us compete for and win opportunities that we simply could not pursue on our own.
Case in point: A recent win of a significant, three-year contract with one of the country’s largest integrated health care companies. By collaborating with partners including Kollective Technology (for network stabilization) and Socialive (for video production), we were able to check “yes” to nearly every box for this new customer, and do so without incurring the capital expense or time required to build out these capabilities ourselves. The Qumu Partner Program we formally launched only late last year is already helping us deliver innovation, open doors and close deals.
Validation Across the Board
If I had to pick one word to sum up the year to date, I’d choose “validation.” What we’re seeing so far in 2022 validates that we have a strategy that is working for a market that is growing. Remote work in some form or fashion – fully remote or hybrid – is here to stay and that bodes well for continued demand for enterprise video capabilities. The acceleration in our ability to win new business is validation that our product is strong, stable and enterprise capable. Our partner ecosystem is proving to be a compelling and differentiating competitive asset. And the shift in our sales mix toward recurring subscription revenue is tracking our expectations and should account for nearly two-thirds of our revenues by year end.
Ultimately, Qumu’s progress results first and foremost from the unwavering commitment our teams bring to ensuring every customer’s success. It has been especially gratifying to see that commitment recognized in accolades from customers in the first half of the year.
I look forward to sharing more about our progress and our outlook when we report our second quarter results next week.