Veritone says its advertising services business, used by podcasters and radio stations, continued to outpace last year’s results with third quarter results similar to the “robust strength” it saw during the first half of the year. It helped Veritone record its sixth consecutive quarter of record revenue, which totaled $22.7 million. That was up 44% compared to a year ago.
The numbers for the current quarter are likely to double after Veritone closed a $150 million cash and stock deal to buy the Israeli based technology platform PandoLogic which leverages AI to help companies make hiring decisions. It expects revenue in the range of $43.8 million to $45.3 million, representing a 165% increase year over year.
“Veritone’s third quarter of 2021 was transformative financially and operationally,” said CEO Chad Steelberg. “We acquired PandoLogic, which with just two weeks’ contribution helped drive 44% top line growth year-over-year.” The company expects year-end revenue to top $103 million.
Veritone’s artificial intelligence aiWARE operating system is how most media companies work with the company and President Ryan Steelberg said their business is “maturing” and they no longer release revenue specific-figures. “As the aiWARE platform and our suite of products matures, the way that we engage with our customers has also matured,” he explained during a conference call with analysts. “In the early days, our goal was to get a foothold and then use our technology to compel customers to expand how much of one product they use across their company,” Steelberg said. “Today, we have a much more comprehensive suite of products -- whether it is with legacy broadcast customers, or newly engaged public safety agency customers, Veritone is now leveraging the power of our platform, ecosystem of partners and broad suite of applications.”
Executives also hinted at where its next moves will be as it works with media companies looking to explore the metaverse.
“By definition, it's a multi-verse that's going to be moving content and information, both into the digital realm and then obviously, the digital realm interfacing back with us in our physical selves,” said Chad Steelberg. “I think aiWARE is perfectly positioned with our Automate Studio and our ability to set up those pipelines for that digital transformation integration with the metaverse.”
The company explained that one way that could work for its media partners would be to have all of their mostly offline content ready for seamless integration with the metaverse. One example is how CBS News leveraged its archive news footage of the March on Washington with Martin Luther King and the civil rights movement inside a game of Fortnite.
“We are in a very good position to be a great technical provider and a technical partner to all of our media and entertainment customers and other organizations as they're evaluating not just the digital transformation world,” said Ryan Steelberg.
Veritone said it is also working to further integrate its Marvel.ai synthetic voice solution with aiWARE. It also noted that Marvel.ai has added new hyper-realistic voice elements, offering artificial voiceovers in additional dialects and languages.