Blackbird, the video editing software specialist, said it will focus on larger deals and partnerships going forward after the recent structural shifts in the media and entertainment sector.
The group, which recently restructured to reduce overheads by £500,000, said one of its license partners, EVS, is already seeing strong interest in its "IPD VIA Create" editing suite, which is 'Powered by Blackbird'.
If this product is successful, Blackbird will benefit from significantly increased royalty payments, it added.
Blackbird’s own new Creator SaaS platform is scheduled to launch in early 2024 and will align it closely with the fast-growing 'Creator Economy' via a self-service SaaS platform, it said.
"We are very excited about this product and are looking forward to updating investors later this month at our Special Event for investors on 13 September 2023,” chief executive Ian McDonough added.
Revenues in the half year to end June 2023 fell to £985,000 from £1.5 million, due to non-recurring boosts in the previous period including the Winter Olympics.
Secured revenues for 2023 overall are £1.8 million, down 32% from twelve months ago, while contracted but unrecognised revenues are almost £2 million (£4 million).
Losses for the half year were £1.6 million (£603,000) with net cash at the end of the period of £8.2 million.