Zoo Digital, a Sheffield-based company providing localization and distribution services in the entertainment industry, announced on Aug. 23 that it expects its revenues to increase by at least 51% — revenues for the half-year period ending Sept. 30 are forecasted to grow to at least $25 million, which is up from $16.5 million year-on-year.
The company credits its revenue increases to two major developments — first, the company noted that it’s seen increased demand for their services as production on film and television sets has resumed and the entertainment industry returns to business as usual. Zoo Digital also said its growth was largely a result of the company’s support for migrating certain catalogue titles to streaming platforms.
“Based on the strong performance in the first half of the year and the pipeline of orders that extends only into the first months of the second half, the board is confident of exceeding current full year revenue expectations,” Zoo Digital said in a statement.
According to the Wall Street Journal, the company’s total revenue for the full year is forecasted to reach $45.9 million — this is about a 16% increase from last year’s $39.5 million total revenues for the year ending March 31, 2021.
Earlier this year, MultiLingual reported on the company’s most recent full year report — the company has seen steady growth in recent years, though the $45.9 million prediction indicates a slightly less dramatic growth than last year’s, which saw a 33% increase in revenue year-on-year. At the time, the company also credited the entertainment industry’s resumption for its increasing revenues, and also stated that it plans to use the increasing revenues to expand and establish regional hubs in South Asia.
“As a leading innovator in the sector, Zoo is well placed to address the significant and growing requirements of the global entertainment industry for our cloud-based market-leading services,” the company’s CEO, Stuart Green said back in April.
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