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The massive pro-audio company is to be officially sold to STG (Symphony Technology Group) for $1.4 billion. Unfortunately for those in professional audio, this privatising of Avid might be an end to the company in a matter of only a few short years…
The professional audio community has become quite divided on the trading of hands of the company that holds so much history behind it. Avid is the technology behind so much of what we know of media and entertainment today. With developments such as Pro Tools, Avid has always been a powerhouse in the entertainment industry, yet not many of its current customers have been happy with their latest business model including making Pro Tools a monthly subscription.
The buyer being STG has already produced many concerns, even though the news officially only broke a few days ago on the 10th of August. In the past, STG has been accused of being an equity ‘chop shop’ known for buying companies in their time of need, cutting costs drastically, then selling those same companies for a profit in 3-5 years. STG reportedly wants to take a new direction, but wanting something and actually doing something are two completely different things in terms of business and exchanges.
Both Avid’s Chief Executive Officer/President and their Chairman of their Board of Directors have stated that this was a strategic move for the pioneering creative company. Though both of them seem more interested in making returns on investments from shareholders rather than upholding their innovative content creation for other like minded creatives in the industry. The Chairman of their Board of Directors was quoted saying:
“Upon closing, this transaction will deliver immediate, significant and certain value to our stockholders. After carefully evaluating a variety of options, the Board determined that this transaction is in the best interests of Avid and its stockholders.”
This buying transaction was unanimously approved by Avid’s Board of Directors and is currently predicted to be finalised and completed during the fourth quarter (October 1st to December 31st) of this year.
Some of the necessities that professionals have stated they would like to see improved by this exchange are better customer service, quicker updates, innovations that make Pro Tools and Media Composer better for everyday users, make Pro Tools Ultimate more affordable, reinstate perpetual licences, and of course retain access to updates for current users.
Janine has always been a part of music and performing. The first show that inspired her to go into theatre was the Velveteen Rabbit which she saw as a child, and Drew works to keep that magic alive in her work. When Drew was accepted into an internship program for audio engineering at a recording studio, she jumped at the opportunity. That was at the start of 2020, and so much has happened since then, both in her career and in the world. Since then, Drew has taken several opportunities to work at recording studios, concerts, festivals, and even large theatres while spending some time on tour. Drew's favorite by far though, has been the chance to work on Broadways and West End shows, as this was a dream come true. Drew is honoured to get to share these experiences from being inside the entertainment industry.
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