The LiveTiles Ltd (ASX: LVT) share price is pushing higher on Wednesday following the release of an announcement.
In early trade the intranet and workplace technology software provider's shares are up 3.5% to 29.5 cents.
What did LiveTiles announce?
This morning LiveTiles announced the launch of a personalised video experience solution – LiveTiles Smart Video.
Management notes that this new solution, which leverages artificial intelligence and powerful video technology, makes significant improvements on the video search capabilities currently available to the market.
It indexes recorded video in a way that can be reassembled as a virtual video frame‐by‐frame, unlocking previously inaccessible value from recorded video in platforms like Microsoft Teams, Zoom, or Webex.
This removes the need for people to have to view hours and hours of content hoping to find what they are looking for. Management expects this to drive greater productivity for better business decision making.
What's the market opportunity?
There certainly is a growing market for this solution to target.
According to the release, Microsoft estimated in April that its Microsoft Teams product recorded 2.7 billion meetings minutes in a single day on March 31. This was up more than 200% on the previous record from March 16.
It also notes that 22% of people using video conferencing are recording their meetings.
LiveTiles already has its first customer for the LiveTiles Smart Video solution. It revealed that it has secured a major Australian university as a pilot customer.
It is deploying the solution to the higher education provider to revolutionise the way it leverages recorded learning assets to create a new learning experience for students that meet the challenges of COVID‐19.
LiveTiles Co‐Founder and Chief Executive Officer, Karl Redenbach, said: "The video‐conferencing market has undergone one of the largest periods of growth and transformation in history due to COVID‐19. As end‐users look to extract more value from the billions of minutes of video accumulating every day, LiveTiles and Linius are at the forefront of adding value for video conferencing end‐users in their digital workplaces using Artificial Intelligence."
