Sheffield-based Zoo Digital, a company that provides localization and distribution services in the entertainment industry, has recently announced that its EBITDA is expected to have more than doubled in the last year, from $2.1 million to around $4.5 million. According to a report from Sharecast News, the company’s revenues are also up by about 33% year-on-year, with an expected total revenue of $39.5 million this year.
Although the COVID-19 pandemic had a major impact on the entertainment industry last year, with production essentially coming to a halt during the spring and summer of 2020, the industry is slowly beginning to bounce back. Zoo Digital’s chief executive Stuart Green said that he expects the company’s growth to continue accelerating as film and television production resumes this year. He also noted that the company will likely see an increase in demand for its services as streaming platforms expand their customer bases on an international level.
“We have invested ahead of events and are building out our international footprint to service globalizing customers,” he said. “Looking ahead, we expect new title production to resume and back catalogue migration to continue. Q1 of our new financial year has begun well.”
This isn’t the company’s first major financial announcement of the year— at the end of March, Zoo Digital also announced that it had raised around $10.2 million on the Stock Exchange and shared an outline of its plans to accelerate the company’s growth. The company plans to expand its research and development team as well as its service delivery team. With offices in Los Angeles, London, and Dubai, the company has also announced that it hopes to grow its global network by establishing regional hubs in India and other areas throughout 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,” Green said.