Amagi, a Bangalore-based cloud media SaaS technology firm, has announced its acquisition of Argoid AI, an innovative company specialising in the development of advanced recommendation algorithms and programming automation for over-the-top (OTT) platforms. This strategic move aims to augment Amagi’s offerings, notably its Amagi Now and Cloudport services, by integrating Argoid AI's state-of-the-art solutions. The acquisition allows media companies to optimise content programming by making quicker, more informed, and personalised scheduling decisions on a large scale, as reported by various media outlets.
The integration of Argoid AI's technology is expected to bolster Amagi’s capabilities in providing sophisticated, data-driven tools for content management to broadcasters and OTT platforms. With real-time programming decisions and tailored content recommendations at its core, the alliance is anticipated to enhance viewer engagement and streamline channel operations. Gokul Muralidharan, CEO of Argoid AI, stated, "This partnership allows us to scale our AI-driven solutions and deliver even greater customer value. Together, we will revolutionise content programming and distribution in the digital age," highlighting the collaborative potential of the acquisition.
Argoid AI’s founders, Gokul Muralidharan, Soundararajan Velu, and Chackaravarthy E, will join the Amagi team, further strengthening its development efforts in AI and automation. The inclusion of Argoid's engineering team is a strategic advancement for Amagi, which has established itself firmly in the B2B SaaS sector following a pivot in 2018 from providing local TV advertising solutions to focusing on monetisation platforms for TV networks and content owners.
Amagi has seen substantial growth in its operational revenue, reporting a remarkable increase from ₹680 crore in fiscal year 2023 to ₹879.15 crore in the last fiscal year. The company has also gained recognition in the industry, having achieved unicorn status after securing USD 95 million in a funding round led by Accel in March 2022, followed by an additional USD 110 million in November of the same year. Reports indicate that Amagi is currently in discussions to raise an additional USD 250 million.
Baskar Subramanian, Amagi's co-founder and CEO, emphasised the importance of advancements in artificial intelligence and machine learning in propelling the media and entertainment industry forward, asserting that "AI/ML will transform the media and entertainment industry, driving efficiencies, monetisation, and enhancing the viewer experience." This acquisition positions Amagi to effectively tackle prevalent challenges within the streaming sector, such as improving content discoverability, enhancing viewer retention, and optimising intelligent programming. Notable clients benefiting from Amagi's services include A+E Networks UK, ABS-CBN, and DAZN.
With the merger of Argoid AI's technology into its comprehensive range of services, Amagi is strategically positioned to lead in the area of content programming and distribution as the digital landscape continues to evolve.
Source: Noah Wire Services