Avid Cuts Jobs, Sells Consumer Audio & Video Product Line
Avid intends to focus on its core professional user base after selling off its consumer A/V products.
Avid announced a company change-up today, with the sell-off its consumer audio and video products. Avid’s M-Audio products will be sold to inMusic, a company that already has respected audio brands in its lineup, including Akai Professional, Alesis, Alto Professional, ION Audio, Numark and Sonivox. The consumer video products, including Avid Studio for iPad, Avid Studio & Pinnacle Studio, are being sold to Corel Corporation (a leader in consumer video and photo applications).
With the sale of these products, Avid employees involved in their development will be transferring jobs or laid off. This will account for 365 positions, about 20% of Avid’s current workforce.
Avid claims that this restructuring will cut costs and bring the focus to their professional user base.
It’s a bit of a shame that Avid Studio for iPad was sold in the mix. Although not as full powered as its bigger app brethren, it has many impressive features for a mobile editing app (see our first-look at Avid Studio here). As of now, its still available in the App Store.
Avid has long-been a titan of video editing…but with increased competition and lower price-points it’s logical they’ll need to focus to compete. Let’s hope this change is a good one for pro editors.