Risk Factors Dashboard

Once a year, publicly traded companies issue a comprehensive report of their business, called a 10-K. A component mandated in the 10-K is the ‘Risk Factors’ section, where companies disclose any major potential risks that they may face. This dashboard highlights all major changes and additions in new 10K reports, allowing investors to quickly identify new potential risks and opportunities.

Risk Factors - BCOV

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$BCOV Risk Factor changes from 00/02/18/22/2022 to 00/02/22/24/2024

Item 1A.

of this Annual Report on Form 10-K. These risks and uncertainties include, but are not limited to, the following:•We have a history of losses, we may continue to incur losses and we may not achieve or sustain profitability in the future. These risks and uncertainties include, but are not limited to, the following: • We have a history of losses, we may continue to incur losses and we may not achieve or sustain profitability in the future. •Substantially all of our revenue has historically come from a single product, Video Cloud. Substantially all of our revenue has historically come from a single product, Video Cloud. •If we are unable to retain our existing customers, our revenue and results of operations will be adversely affected. If we are unable to retain our existing customers, our revenue and results of operations will be adversely affected. •Our long-term financial targets are predicated on bookings and revenue growth and operating margin improvements that we may fail to achieve, which could reduce our expected earnings and cause us to fail to meet the expectations of analysts or investors and cause the price of our securities to decline. Our long term financial targets are predicated on bookings and revenue growth and operating margin improvements that we may fail to achieve, which could reduce our expected earnings and cause us to fail to meet the expectations of analysts or investors and cause the price of our securities to decline. •The actual market for our products and solutions could be significantly smaller than our estimates of our total potential market opportunity, and if customer demand for our offerings does not meet expectations, our ability to generate revenue and meet our financial targets could be adversely affected. The actual market for our solutions could be significantly smaller than our estimates of our total potential market opportunity, and if customer demand for our services does not meet expectations, our ability to generate revenue and meet our financial targets could be adversely affected. •Our business is substantially dependent upon the continued growth of the market for on-demand software solutions. Our business is substantially dependent upon the continued growth of the market for on-demand software solutions. •Our operating results may fluctuate from quarter to quarter, which could make them difficult to predict. • Our operating results may fluctuate from quarter to quarter, which could make them difficult to predict. •We operate in a rapidly developing market, which makes it difficult to evaluate our business and future prospects. We operate in a rapidly developing market, which makes it difficult to evaluate our business and future prospects. •Our long-term success depends, in part, on our ability to expand the sales of our products to customers located outside of the United States, and thus our business is susceptible to risks associated with international sales and operations. • Our long-term success depends, in part, on our ability to expand the sales of our products to customers located outside of the United States, and thus our business is susceptible to risks associated with international sales and operations. •We are impacted by constantly-evolving government and industry regulation of the Internet, data privacy, and cybersecurity, which could directly restrict our business or indirectly affect our business by limiting the growth of our markets. • We are impacted by constantly-evolving government and industry regulation of the Internet, data privacy, and cybersecurity, which could directly restrict our business or indirectly affect our business by limiting the growth of our markets. •We use cloud computing services facilities to deliver our services, and disruption of service at these facilities could harm our business. • We use data center and cloud computing services facilities to deliver our services, and disruption of service at these facilities could harm our business.

The summary risk factors described above should be read together with the text of the full risk factors below, in the section entitled “Risk Factors” and in the other information set forth in this Annual Report on Form 10-K, including our financial statements and the related notes, as well as in other documents that we file with the U. The summary risk factors described above should be read together with the text of the full risk factors below, in the section entitled “Risk Factors” and in the other information set forth in this Annual Report on Form 10-K, including our financial statements and the related notes, as well as in other documents that we file with the U. S. Securities and Exchange Commission, or the SEC. If any such risks and uncertainties actually occur, our business, prospects, financial condition and results of operations could be materially and adversely affected. The risks summarized above or described in full below are not the only risks that we face. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial may also materially adversely affect our business, prospects, financial condition and results of operations.5 PART I Item 1. BusinessOverviewBrightcove Inc. Business Overview Brightcove Inc. , or Brightcove®, is a global leader in cloud-based streaming technology and services with a vision to be the world's most trusted streaming technology company. Brightcove’s software platform and suite of solutions include a breadth and depth of offerings that meet the needs of media and enterprise customers in a variety of industries across the globe with their use of streaming video, and serve as a guide in optimizing and maturing their streaming strategies. Leading companies across industries rely on our products, solutions, services, and industry expertise to grow their streaming businesses, monetize their content via streaming use-cases, expand and engage their audiences (both external and internal), and reduce the cost and complexity associated with storing, publishing, delivering, distributing, measuring, and monetizing content across streaming channels and devices. With deep industry expertise and an understanding of how streaming video helps generate positive business outcomes, our proven platform combines functionality designed to meet the needs and goals of our customers with the additional flexibility for customers to customize solutions to meet their own unique requirementsAs of December 31, 2023, we had 2,559 customers in over 60 countries, including many of the world’s leading media companies, broadcasters, digital publishers, sports and entertainment companies, fashion and hospitality brands, faith-based institutions, retail and e-commerce businesses, and technology organizations, as well as government agencies, educational institutions and non-profit organizations.We primarily generate revenue by offering our solutions to customers on a subscription-based, software as a service (SaaS) model. We primarily generate revenue by offering our products to customers on a subscription-based, software as a service, or SaaS, model. Our revenue has decreased from $211.0 million in the year ended December 31, 2022 to $201.2 million in the year ended December 31, 2023. Substantially all of our revenue has historically been attributable to Brightcove Video Cloud™ (Video Cloud), which is our core video streaming platform, and we expect that revenue from our solutions leveraging Video Cloud will continue to comprise a significant portion of our revenue. Substantially all of our revenue has historically been attributable to our Video Cloud product, and we expect that revenue from Video Cloud will continue to comprise a significant portion of our revenue. The Brightcove ApproachWe distill our approach into the following focus areas:•Commitment to Innovation and Customer Success. We continually invest in research and development to deliver cutting-edge technology, improve our platform and expand the use-cases we cover for customers. By staying at the forefront of the ever-evolving streaming industry, we empower our customers to effectively engage their target audiences with streaming technology and services to achieve their business goals. This commitment is evidenced by Brightcove receiving, in 2023, our tenth Support Staff Excellence award from the Technology & Services Industry Association. As we look toward the future, our focus is on driving innovation and exceeding customer expectations while increasing our own business model flexibility and revenue opportunities.•Go-To-Market Strategy. We continue to focus on serving our existing customer base and market, while expanding our array of dedicated resources serving customers at the higher end of the market. We believe many businesses and brands at the higher end of the market are underserved by other vendors in the streaming technology space. We also believe that Brightcove’s technology, broad ecosystem of partnerships, and our professional services team, present differentiated opportunities for businesses and brands to achieve their goals and desired outcomes.•Media Focus. Our legacy of serving leading media companies and our commitment to technology innovation to serve the changing market have resulted in Brightcove services that allow media companies to monetize their content through a variety of strategies. These include, but are not limited to, subscription video on demand (SVOD), transactional video on demand (TVOD), advertising-based video on demand (AVOD), and similar models supporting the delivery of live content, such as sports, news, and events, and simulated live experiences, such as free ad-supported streaming (FAST) channels, as well as hybrid models. Our commitment to helping media companies achieve their objectives is also shown through some of our newer, additional offerings, such as:oEngagement Insights, which analyzes billions of viewer interactions to identify meaningful engagement drivers. Our customers can pinpoint the most effective ways to reach new viewers, drive audience engagement, and retain viewers. Leveraging advanced algorithms trained by artificial intelligence (AI), and integrations with leading marketing automation platforms (MAP) and customer relationship management (CRM) platforms, our customers are able to correlate content performance with viewing patterns to build audience segments. Our customers can then tailor their outreach to retain their viewers and maximize the value of their content;6 oAd Insights, which measures the impact of ad intensity on viewer engagement, providing detailed reporting on viewer tolerance for ads across dimensions such as player, device, region, and content, and how more frequent or longer duration ad pods are impacting audience engagement. These insights drive optimizations to help our customers maximize ad yields, and works seamlessly with our own Ad Monetization service or any third party ad networks;oCloud Playout and FAST channels, which allow Brightcove customers to launch FAST channels and manage content, programming, and monetization from the Brightcove platform;oQuality of Experience (QoE) Insights, which delivers integrated collection and analysis of critical metrics, at scale, as they change over time. QoE Insights uses an advanced algorithm trained by AI to identify impaired video experiences, help pinpoint root causes, measure the impacts on viewer sessions and draw correlations to audience engagement and long-term viewer satisfaction; andoContext Aware Encoding (CAE), which is a component within Brightcove’s Zencoder encoding and transcoding product, that uses AI to reduce the cost of storing and streaming video while improving playback quality for viewers.•Enterprise Focus. Our commitment to serving our enterprise customers has resulted in new, use-case-based offerings that deliver bespoke capabilities built on our Video Cloud platform which are designed to help companies leverage video to reach and engage their external and internal audiences, respectively, and drive specific outcomes. We also continue to enhance our offerings and accelerate the breadth of our solutions through integrations that extend the application of video across the enterprise technology ecosystem. Recent examples of this enterprise-focus include:oBrightcove Marketing Studio™, which is designed to help marketers extend their video strategy by complementing it with their own marketing technology (martech) investments. With Marketing Studio, our customers can not only manage and publish their video using Brightcove functionality, but can also incorporate their Brightcove-hosted video directly into their martech solution to streamline their processes and expand the reach of their video. For example, customers using Shopify can incorporate video from Brightcove into their e-commerce sites; and customers using Sprnklr and/or Hootsuite can publish video content managed within the Brightcove platform to relevant social media properties. Customers can also connect their MAP or CRM solutions to Brightcove to sync video engagement analytics to allow them to create targeted outbound marketing campaigns.oBrightcove Communications Studio™, which provides marketers and corporate communications professionals with a suite of tools to better engage and communicate with their audiences by streaming video through live and on-demand experiences. Communications Studio also makes it easy for professionals to source, review, and approve for publication, employee-generated content from teams across the company by automatically ingesting content from Google Drive or Dropbox folders. Our customers can also use Brightcove’s Gallery offering to provide audiences a modern live or on-demand streaming video experience while tracking viewer engagement with analytics, insights, and interactive elements.oEnhancements to Brightcove’s analytics and insights module enables marketers and corporate communications professionals to measure the impact of their streaming video and iterate based on data. Our Essential Insights module enables our customers to gather reporting on usage and content trends across their video library; and Brightcove Interactivity and its analytics capabilities highlight engagement with elements like polls, quizzes, sentiment, and more and provide data on audience engagement and feedback. Market TrendsVideo platform technologies and services continue to impact the enterprise and media industries and bring forth evolving ways for companies to engage and interact with their customers. We believe the following trends provide a strong opportunity for Brightcove in the years ahead: •Market demand for cloud-based SaaS video solutions is growing. According to data from analyst firm IDC, the worldwide video platforms software market is expected to grow at a compound annual growth rate (CAGR) of 12.0% for the 2022–2027 period, attaining $5.0 billion in revenue in 2027. IDC also expects that most of the market growth over the next five years will come from public cloud-based SaaS solutions. We believe this growth will be driven by the need to:oDeliver more engaging customer experiences via digital channels including the web, mobile apps, connected TVs and social networks;7 oCommunicate important information to employees, from executive town halls to product/sales training, skills training, and compliance-based training; andoDeliver personalized and seamless interactive experiences to customers and partners across a variety of platforms from eCommerce to marketing automation, websites, and video-based training platforms. IDC also believes organizations will continue to invest in video platforms over the coming years — both for internal use (such as workforce readiness, knowledge transfer, enterprise learning and development, course delivery, etc.) and for commercial content that is shared via virtual events or monetized via advertising, subscription, or some other mechanism. (Source: IDC, Worldwide Video Platforms Software Forecast, Doc # US51157923, March 14, 2023)•Monetization initiatives through data and analytics are transforming the media industry. According to IDC, compiling an audience data set with attributes that drive content-type decisioning, production, distribution, and monetization is a key differentiator for content creators and programmers. Data collection, management, and analysis are consistently cited as keys to monetization as the industry moves to a direct-to-consumer business model where data is a key metric of success. (Source: IDC, MarketScape Media and Entertainment, Doc # US49647122, June 22, 2023).•Cost optimization through technology, services, and support in the Big Media Streaming Market. According to IDC, companies should avoid spending time stitching together and maintaining integrations with a multitude of technology vendors. Customers are challenged to lower operating expenses while maintaining or increasing quality content throughput more efficiently through automated processes and the creation of new or augmented revenue streams to reach sustainable profitability goals. With many large media streaming services experiencing declining year-over-year subscriber growth, we see an opportunity to assist these businesses in moving from an internally sourced and managed streaming tech ecosystem to one sourced with best-in-class third-party technologies. While certain large companies may have the funds to support internal development teams to organically integrate best-of-breed services, others require more support and seek turnkey solutions and even complete managed services for their cloud deployments. (Source: IDC, MarketScape Media and Entertainment, Doc # US49647122, June 22, 2023)•Opportunities In the Competitive Landscape. At Brightcove, we view the ever-changing competitive landscape of video-sharing sites, in-house solutions, streaming platforms and a range of other technology providers as an opportunity to constantly evaluate and assess our competitive position and the value of our products and services to the markets we serve. In turn, we push ourselves to innovate to maintain a leading position in our categories.Key Benefits of Our Solutions The following key benefits of our solutions are broadly aligned with and responsive to the market trends described above: •Comprehensive, modular and scalable solutions. Our core products and solutions meet a range of streaming video publishing, delivery and distribution needs, and can be integrated with modular technology to create customized workflows that address numerous use cases across a customer’s organization. Our dedicated customer success team offers customized onboarding and related services to new and existing customers to help with technology setup and adoption, and maximizing the value of our products and services to help customers reach their business goals. We offer end-to-end solutions built for media companies, marketers and communicators, as well as modular solutions that customers can license on a stand-alone basis and integrate into their existing workflows. We offer end-to-end solutions of video technologies built for media companies and marketers, as well as, modular solutions that customers can license on a stand-alone basis and integrate into their existing video workflows. In addition, our multi-tenant architecture enables us to deliver each of our solutions across our customer base with a single version of our software for each product, making it easier to scale our solutions as our customer base and their end user base expands.•Easy to use and efficient total cost of ownership. We designed our products to be intuitive and easy to use. We provide reliable, cost-effective, on-demand solutions to our customers, relieving them of the cost, time and resources associated with in-house solutions and enabling them to be up and running quickly after signing with us.•Open platforms and extensive ecosystem. Our open platform enables developers to easily access our public-facing APIs and build and manage integrations with our products to meet the requirements of their tech ecosystems. Our open platform enables developers to easily access our public-facing APIs and build and manage integrations with our products. With our professional services offerings, award-winning support teams, and our extensive library of documentation, we help our customers obtain as much value from our platform as possible. The Brightcove Marketplace™, which launched in 2021, is a venue for our customers to discover and connect with our technology partners who specialize in areas such as content creation, fanbase engagement, and specialized-monetization of streaming video assets. In 2021, we launched the Brightcove Marketplace™, a venue for our customers to discover and connect with our technology partners who specialize in areas such as content creation, fanbase engagement, and monetization of video assets. The Brightcove Marketplace features several dozen integrations, from leading technologies like Google, Wordpress, Oracle and Adobe, to niche emerging technologies. The Brightcove Marketplace features several dozen partners, from leading technologies like Google, Zoom, Oracle and Microsoft, to niche emerging technologies. Our global ecosystem of partners also includes companies like Amazon, Akamai, and Fastly, among others.8 •Focus on helping customers achieve business objectives with streaming video. Our customers use our products to achieve critical business objectives such as monetizing content, increasing conversion rates for transactions, engaging audiences, increasing brand awareness and expanding their audiences, driving traffic, increasing viewer engagement on their properties, internal communications, employee training and customer support. Our customers use our products to achieve critical business objectives such as monetizing content, increasing conversion rates for transactions, engaging audiences through virtual events, increasing brand awareness and expanding their audiences, driving site traffic, increasing viewer engagement on their sites, internal communications, employee training and customer support. We believe our customers view us as a strategic partner in part because our business model is not dependent on building our own audience or generating our own revenue from consumers or end-users. We believe our customers view us as a strategic partner in part because our business model is not dependent on building our own audience or generating our own ad revenue. We also take a consultative approach to meet our customers' unique business needs. Our business interests align with our customers' interests, as we each benefit from the success of our customers' streaming strategy. Our business interests align with our customers’ interests, as we each benefit from the success of our customers’ online video strategy. •Ongoing customer-driven development. Through our sales engineers, customer success and support teams, product teams and regular outreach from senior leadership, we solicit and capture feedback from our customer base to evaluate and incorporate as enhancements to our solutions. Through our sales engineers, customer success and support teams, product teams and regular outreach from senior leadership, we solicit and capture feedback from our customer base for incorporation into ongoing enhancements to our solutions. We regularly provide our customers with enhancements to our products. Delivering cloud-based solutions allows us to serve additional customers with little incremental expense and to deploy innovations and best practices quickly and efficiently to our existing customers.RecognitionAt Brightcove, we are proud of our two Technology and Engineering Emmy® Awards. Furthermore, our products and market strategy are frequently evaluated and recognized in our industry by global industry analyst firms such as Caretta Research, Forrester, Frost and Sullivan, Gartner, and Omdia. In 2023, Brightcove was positioned as a Leader in the IDC MarketScape: Worldwide Media and Entertainment 2023 Vendor Assessment (Doc # US49647122, June 22, 2023), and positioned as a Leader in the Aragon Research Globe for Enterprise Video. Our Platform, Solutions, Products and Services We create technology that helps our customers use streaming video to further their businesses in meaningful ways. We have a core video streaming platform, Video Cloud, and several solutions and products that address particular customer use-cases. We have also brought to market several video solutions, which are technology packages that address particular customer use-cases. We also have a host of additional services which enable Brightcove customers to generate specific outcomes and create their own customized implementations. Our Platform - Brightcove Video Cloud Brightcove Video Cloud is the world’s leading online video streaming platform. It enables our customers to publish, deliver and distribute video to Internet-connected devices quickly, easily and in a cost-effective and high-quality manner. It enables our customers to publish and distribute video to Internet-connected devices quickly, easily and in a cost-effective and high-quality manner. Our innovative technology and intuitive user interface give customers control over a wide range of features and functionality needed to publish and deliver a compelling user experience, including the ability to: •upload videos in various formats for adaptive AI encoding solutions, which maximizes quality and minimizes file size, and deliver videos to myriad operating systems, including web-based experiences, smartphones, tablets, media streaming devices and connected TVs; •organize, enhance, and manage their media library by adding in metadata, creating playlists, using AI to enhance content with automated transcription in over 25 languages, and setting rules to define where and when videos can be viewed; •rely on fast load times, fast video starts, and easily-configured players, which include built-in support for advertising, analytics and content protection, and provide a consistent cross-platform playback experience; •broadcast live video with multiple live streams at different quality levels and renditions that best match each viewer’s available bandwidth, processor utilization and player size; •expand audience reach by leveraging the social network of their viewers, including sharing complete videos or video clips through Facebook, Instagram, Pinterest, YouTube, Twitter (X), LinkedIn, Hootsuite, and other social destinations; •grow and monetize their audience with video ad features such as tools for ad insertions and built-in ad server and network integrations; •optimize and support online video publishing and distribution strategy through video analytics, which aggregate analytics from owned and operated platforms and distribution platforms, and transform them into insights that drive actionable results using our advanced AI-trained algorithms;9 •customize, extend and integrate with our platform through playback, APIs and SDKs to myriad platforms including iOS, tvOS, Android and AndroidTV, Amazon Fire TV, Roku, Samsung, LG, and beyond; and •securely stream corporate live and on-demand video communications to audiences on a multitude of devices. Our innovative technology and intuitive user interface give customers control over a wide range of features and functionality needed to publish and deliver a compelling user experience, including the ability to: • upload videos in various formats for adaptive encoding that maximizes quality and minimizes file size, and deliver videos to myriad operating systems, including web-based experiences, smartphones, tablets, media streaming devices and connected TVs; • organize and manage their media library by creating playlists and setting rules to define where and when videos can be viewed; • rely on fast load times, fast video starts, and easily-configured players, which include built-in support for advertising, analytics and content protection, and provide a consistent cross-platform playback experience; • broadcast live video with multiple live streams at different quality levels and renditions that best match each viewer’s available bandwidth, processor utilization and player size; • expand audience reach by leveraging the social network of their viewers, including sharing complete videos or video clips through Facebook, YouTube, Twitter and other social destinations; • grow and monetize their audience with video ad features such as tools for ad insertions and built-in ad server and network integrations; • optimize and support online video publishing and distribution strategy through video analytics; • customize, extend and integrate with our platform through APIs and SDKs for iOS, tvOS, Android and AndroidTV; and • securely stream corporate live and on-demand video communications to employees’ devices using the Brightcove Engage™ platform. Solutions & Products With our ongoing customer-driven development, and informed by the market trends described above, we invest in solutions and products to meet the streaming use cases representative of the industries we serve, including:•Brightcove Marketing Studio™, is the streaming video solution designed to accelerate business growth by bridging teams and technology to deliver premium viewing experiences, increase conversions and drive measurable marketing outcomes by increasing brand awareness, engagement and conversion across all aspects of the customer or audience journey;•Brightcove Communications Studio™, is for marketers and corporate communications professionals who need tools to deliver information in an engaging, secure and scalable manner through live and on-demand content. Our communications solution combines the power of enterprise-leading streaming technology with the interactivity and data capabilities that modern organizations need to get the most out of their content. With this solution, teams can be confident that audiences understand and engage with their content while tracking that engagement to do more of what is effective;•Brightcove Media Studio™, is a comprehensive solution for over-the-top (OTT) video services, media publishers and leading broadcasters looking to monetize their media, live stream at scale and nurture their audience lifecycle. Leveraging programmatic content ingestion, live and VOD workflows, integrated cloud-based encoding, cost-optimized distribution across all devices and platforms, and flexible monetization models such as SVOD, TVOD, AVOD and hybrid, including similar monetization models supporting live content, Brightcove’s end-to-end OTT streaming video platform and modular architecture makes it easy to quickly integrate, onboard and deploy beautiful experiences that engage audiences;•Brightcove Audience Insights™, is a customer data platform specifically designed for video streaming businesses. With Brightcove Audience Insights our customers have a unified view into their viewers and subscribers with various out-of-the-box reporting and insights to better understand their viewers' and subscribers' engagement. Brightcove Audience Insights makes it easy for our customers to take action on their video data by using audience segment functionality to improve acquisition and service engagement, and reduce churn;•Zencoder® is a cloud-based video encoding service, providing extremely fast, high-quality, and reliable encoding of live and on-demand video and access to highly scalable encoding power without the expense, management, and scalability limitations of traditional hardware and software. Customers are able to integrate Zencoder with a simple API, and manage accounts and encoding jobs from an intuitive online dashboard. Customers are able to integrate Zencoder with a simple API, and manage accounts and encoding jobs from an intuitive online dashboard. Zencoder accepts files in an extensive range of formats and codecs, supports video output to a multitude of devices, and includes tools to support high-quality video output and to adjust and edit video. It is globally distributed and includes advanced security features; and•Brightcove Beacon®, is a purpose-built app platform that enables our customers to launch premium OTT video streaming experiences quickly and cost-effectively across mobile, web, smart TVs and connected TVs, with the flexibility of multiple monetization models. It allows customers to curate and deliver content to their audience segments, automate the curation of playlists and carousels, securely store and deliver content with DRM protection, automate content availability windows, and configure VOD and live content offerings for any demographic changes that occur throughout the day or week. It allows customers to curate and deliver content to their audience segments, automate the curation of playlists and carousels, securely store and deliver content with DRM protection, 8 Table of Contents automate content availability windows and configure VOD and live content offerings for any demographic changes that occur throughout the day or week. Customers can also manage viewers with a frictionless viewer registration experience, and offer viewer profiles to maintain watch history and preferences and manage stream concurrency and account sharing. Customers can also manage viewers with a frictionless viewer registration experience, and offer viewer profiles to maintain watch history and preferences and manage stream concurrency and account sharing. Through Brightcove Beacon, customers can also gather insights on viewer behavior to inform their decisions about programming, layout, and monetization. Services to support Brightcove customers •Ad Monetization. Brightcove Ad Monetization is our monetization service for organizations that want to generate revenue with an advertising strategy. Using the latest yield optimization tools, we support both live and on-demand monetization through strategic integrations, industry expertise, and insights that combine both player and ad data. For all VOD, live and FAST content, the flexibility of our Ad Monetization supports organizations throughout their 10 advertising initiatives whether they have Brightcove take on full stack of inventory or are interested in having us supplement unsold inventory. •Professional Services. While our products are easy for customers to use and deploy without any additional specialized services, we offer a range of professional services for customers who seek customization of our products, need assistance with their implementations, require assistance with the integration of our products with in-house or third-party applications, or need managed services where we would operate streaming technology and/or content operations on their behalf. If we fail to comply with these licenses, we may be subject to certain conditions, including requirements that we offer our services that incorporate the open source software for no cost, that we make available source code for modifications or derivative works we create based upon, incorporating or using the open source software and that we license such modifications or alterations under the terms of the particular open source license. These professional services are priced on a retainer, time and materials, or a per project basis and include projects such as content migrations from other vendors or in-house solutions, video player enhancements, mobile and connected TV app development, the creation of web pages optimized for streaming, and customization of virtual event experiences.•Brightcove Marketplace. The Brightcove Marketplace™ features several dozen integrations to leading technology providers that support the myriad use cases of our customers and prospects. Our teams continuously explore new integration opportunities to ensure our customers have access to the latest technology tools that help them maximize their use of the Brightcove platform by connecting it across the tools and systems they use to run their businesses. •Customer Success, Support, and Documentation. Our customer success and customer support teams are involved from the very beginning of a customer’s journey with Brightcove, leveraging our teams’ global presence to engage with customers through multiple touchpoints and develop close customer relationships that have led to best-in-class CSAT scores. Customer Success and Support Our customer success and customer support teams are involved from the very beginning of a customer’s journey with Brightcove, leveraging our teams’ global presence to engage with customers through multiple touchpoints and develop close customer relationships that have led to best-in-class CSAT scores. Our dedicated customer success team offers customized onboarding and related services to new and existing customers to help with technology setup and adoption, and maximizing the value of our products and services to help customers reach their business goals. This team is focused on ongoing customer success with our platform as well as maintaining consistent, positive engagement. This team is focused on ongoing customer success and engagement, as well as contract renewals and upsells to our customer base. Customer support from our TSIA-certified team is included for all of our products, and provides customers access to our support team via a web portal. Customers who upgrade to premium editions of our support packages gain additional features such as faster response times, access to a dedicated Customer Success representative, additional contact options, dedicated live event support, live channel monitoring, and 24x7x365 support. Customers also have access to our library of support documentation spanning our entire portfolio of products, which is updated regularly in connection with feature enhancements, new releases, and other product updates.•Training. We offer free basic online training to registered users of our products. Training We offer free basic online training to registered users of our products. We also offer customized, onsite training for customers that is priced on a per engagement basis.•Video.js and Developer Solutions. Brightcove is the corporate shepherd of the Video.js community. Video.js has been a staple of the open-source video player technology space and has seen substantial adoption across hundreds of thousands of websites and tens of thousands of organizations spanning the globe. With numerous APIs, SDKs and a robust ecosystem of open-source plugins, developers can customize Video.js players to deliver the multi-platform stability and customizability that companies and their developers rely on. Editions Our products are generally offered to customers on a subscription-based SaaS model, with varying levels of usage entitlements, support and functionality that depend on the business use case of our customers. Our customers generally pay us a monthly or annual subscription fee for access to our products. This model allows our customers to scale their level of investment and usage based on the size and complexity of their needs. Our Video Cloud Express edition, which targets small and medium-sized businesses (SMBs) and our Zencoder customers on month-to-month contracts or pay-as-you-go contracts, are considered volume customers. All other customers are considered premium customers. All other customers are considered premium customers. Sales and Marketing We sell our products and services primarily through our global direct sales organization. Sales and Marketing We sell our products primarily through our global direct sales organization. Our sales team is organized by the following geographic regions: Americas, Europe, Asia Pacific, and Japan. Our sales team is organized by the following geographic regions: Americas, Europe and the Middle East, Asia Pacific, and Japan. In the Middle East and India, we generate sales primarily through partner channels. We further organize our go-to-market approach by focusing our sales and marketing teams on selling to organizations in a wide range of industries: Enterprise organizations who use video to sell their products and services and/or engage with their employees and other stakeholders, and Media organizations who use our platform and solutions to monetize their content. We further 11 Table of Contents organize our go-to-market approach by focusing our sales and marketing teams on selling to organizations in a wide range of industries, who generally want to monetize video content by distributing it to a broad audience or use video for sales, marketing, education, employee training, or enterprise communication purposes. 11 We also generate sales through a comprehensive channel partner program that includes: referral partners, solution partners, managed service providers, and resellers. We also generate sales through a comprehensive partner program that is composed of referral partners, solution partners, and managed service providers, channel partners and resellers. Our ability to grow and maintain a global, diverse set of quality channel partners extends our market reach, which allows us to meet the specific nuances of local markets around the world, and reduces our overall cost of sales. Additionally, we sell some of our Zencoder products online through our website. We generate customer leads, accelerate sales opportunities and build brand awareness through our marketing programs. We generate customer leads, accelerate sales opportunities and build brand awareness through our marketing programs. Our marketing programs target executives, technology professionals and senior business leaders. Our marketing programs typically target specific geographies and industry segments. Our principal marketing programs include: •public relations and social media; •online event marketing activities, direct email, search engine marketing and display ads and blogs; •field marketing events for customers and prospects; •participation in, and sponsorship of, user conferences, trade shows and industry events; •use of our website to provide product and organization information, as well as learning opportunities for potential customers; •cooperative marketing efforts with partners, including joint press announcements, joint trade show activities, channel marketing campaigns and joint seminars; •telemarketing and lead generation representatives who respond to incoming leads to convert them into new sales opportunities; and •customer programs, including user meetings and our online customer community. Our principal marketing programs include: • public relations and social media; • online event marketing activities, direct email, search engine marketing and display ads and blogs; • field marketing events for customers and prospects; • participation in, and sponsorship of, user conferences, trade shows and industry events; • use of our website to provide product and organization information, as well as learning opportunities for potential customers; • cooperative marketing efforts with partners, including joint press announcements, joint trade show activities, channel marketing campaigns and joint seminars; • telemarketing and lead generation representatives who respond to incoming leads to convert them into new sales opportunities; and • customer programs, including user meetings and our online customer community. Operations We have relationships with a number of third-party cloud computing platforms to assist in providing our products and services to customers. We use AWS and other third-party platforms to provide cloud-based computing and storage services to our customers. We believe that our agreements with these platforms are based on competitive market terms and conditions, including service level commitments. We take advantage of this geographically dispersed, third-party, cloud computing capacity to improve the responsiveness of our service and lower network latency for our customers. Media delivery to end users, including video, audio, images and JavaScript components, is served primarily through content delivery network (CDN) providers, including Akamai, Fastly, and AWS Cloudfront. Media delivery to end users, including video, audio, images and JavaScript components, is served primarily through CDN providers, including Akamai, Fastly, and AWS Cloudfront. We believe our agreements with our CDN providers are based on competitive market terms and conditions, including service level commitments from these CDN providers. Intellectual Property With our continued investment in innovation and through the diligent work of our team members, we continue to seek protection for our intellectual property. We rely primarily on a combination of trademark, patent, copyright and trade secret laws in the United States and other jurisdictions, as well as confidentiality procedures and contractual provisions to protect our proprietary technology, confidential information, business strategies and brands. Intellectual Property We rely principally on a combination of trademark, patent, copyright and trade secret laws in the United States and other jurisdictions, as well as confidentiality procedures and contractual provisions to protect our proprietary technology, confidential information, business strategies and brands. We also believe that factors such as the technological and creative skills of our employees coupled with the creation of new features, functionality and products are essential to establishing and maintaining a technology leadership position. We enter into confidentiality and invention assignment agreements with our employees and consultants and confidentiality agreements with other third parties, and we rigorously control access to our proprietary technology. In the United States, we have 60 issued and/or allowed patents and 2 patent applications pending. In the United States, we have 52 issued and/or allowed patents and 7 patent applications pending. Internationally, we have 56 issued and/or allowed patents and we are currently pursuing 18 patent applications, including one patent application undergoing examination at the European Patent Office. Internationally, we have 42 issued and/or allowed patents and we are currently pursuing 23 patent applications, including two patent applications undergoing examination at the European Patent Office. We also have a number of registered trademarks in the United States and 12 certain non-U.S. jurisdictions, such as “BRIGHTCOVE”, “ZENCODER”, and our logo. We may apply for registrations of other marks, and/or registration in additional jurisdictions, to the extent we determine such coverage is appropriate and cost-effective. We may apply for registrations of other marks, and of these marks in additional jurisdictions, to the extent we determine such coverage is appropriate and cost-effective. Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy or obtain and use our technology to develop products with the same functionality as our solutions. Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy or obtain and use our technology to develop products with the same functionality as our solutions. Policing unauthorized use of our technology is difficult and expensive. Our competitors could also independently develop technologies equivalent to ours, and our intellectual property rights may not be broad enough for us to prevent competitors from selling products incorporating those technologies. Competition We compete with video-sharing sites, in-house solutions, other streaming technology platforms and a broad range of other technology providers. Competition We compete with video-sharing sites, in-house solutions, online video platforms and a broad range of other technology providers. Some of our actual and potential competitors may enjoy competitive advantages over us, such as larger marketing budgets and larger sales teams, as well as greater financial, technical and other resources. The overall markets for our products are fragmented, rapidly evolving and highly competitive. We expect that the competitive landscape will change as our markets continue to consolidate and mature. We expect that the competitive landscape will change as our markets consolidate and mature. We believe the principal competitive factors in our industry include the following: •total cost of ownership;•breadth and depth of product functionality;•ability to innovate and respond to customer needs rapidly;•level of resources and investment in sales, marketing, product and technology;•ease of deployment and use of solutions;•level of integration into existing workflows and configurability;•scalability and reliability;•customer service;•brand awareness and reputation;•ability to integrate with third-party applications and technologies;•size and scale of provider; and•size of customer base and level of user adoption. The mix of factors relevant in any given situation varies with regard to each prospective customer. The mix of factors relevant in any given situation varies with regard to each prospective customer. We believe we compete favorably with respect to all of these factors. Some of our competitors have made or may make acquisitions or enter into partnerships or other strategic relationships to offer a more comprehensive service than we do. Some of our competitors have made or may make acquisitions or enter into partnerships or other strategic relationships to offer a more comprehensive service than we do. These combinations may make it more difficult for us to compete effectively, including on the basis of price, sales and marketing programs, technology or service functionality. We expect these challenges to continue as organizations attempt to strengthen or maintain their market positions. Research and Development We have focused our research and development efforts on maintaining a leading streaming platform that is reliable, scalable, and open; cultivating an intelligent cloud-based platform powered by AI; and leveraging our video and audience insights to provide value to our customers in the form of tangible solutions. Research and Development We have focused our research and development efforts on maintaining a leading video streaming platform that is reliable, scalable, and open; cultivating an intelligent video cloud powered by artificial intelligence and machine learning; and leveraging our video and audience insights to provide value to our customers in the form of tangible solutions. We have expanded, and will continue to expand the functionality, scalability, and security of our products and enhance their ease of use, and we continue to invest in creating new product offerings. We continue to expand on providing business intelligence regarding our customers' content by focusing on data strategies and insights, while also improving the processing and transcoding of media, and the efficient delivery of media to our customers' viewers. We expect research and development expenses to increase in absolute dollars as we intend to continue to lead in the development of new technologies, regularly release new features and functionality, expand our product offerings and upgrade and extend our service offerings. Over the long term, we believe that research and development expenses as a percentage of revenue will decrease, but will vary depending upon the mix of revenue from new and existing products, features and functionality, as well as changes in the technology that our products must support. Over the long term, we believe that research and development expenses as a percentage of revenue will decrease, but will vary depending upon the mix of revenue from new and existing products, features and functionality, as well as changes in the technology that our products must support, such as new operating systems or new Internet-connected devices. 13 Human Capital ResourcesBrightcove employees are a team of smart, passionate and innovative people who are revolutionizing the way organizations stream video. Human Capital Resources Brightcove employees are a team of smart, passionate people who are revolutionizing the way organizations deliver video experiences. As of December 31, 2023, we had 671 employees, of which 301 were located in the United States and 370 were located outside of the United States. As of December 31, 2021, we had 687 employees, of which 318 were located in the United States and 369 were located outside of the United States. None of our United States employees are represented by a labor union or covered by a collective bargaining agreement and we have not experienced any work stoppages. We have a high degree of employee engagement, as demonstrated through participation in employee surveys, and we consider our relationship with our employees to be good. We have built a culture around three core values, all of which guide us in delivering at the highest level on behalf of our customers: Execution, Innovation, and One Team. We have built a culture around three core values, all of which guide us in delivering at the highest level on behalf of our customers: Execution, Innovation, and One Team. We recognize that maintaining our culture and realizing these values depends on our ability to attract, develop, and retain talent. To that end, we offer high quality benefits, including work-from-home flexibility and wellness initiatives, which take into account the diversity of our employees’ lifestyles and needs. Our leadership speaks with transparency at regular all-employee town hall meetings, and we create opportunities for employee feedback, including through engagement surveys. Our leadership speaks with transparency at regular all-employee 14 Table of Contents town hall meetings, and we create opportunities for employee feedback, including through engagement surveys and our Employee Action Committee. Leveraging the power of our own solutions, we host company-wide virtual events, provide a comprehensive library of training videos to all employees, as well as targeted training to our leadership team. Leveraging the power of our own video products, we provide a comprehensive library of training videos to all employees, as well as targeted training to our leadership team. We are committed to diversity at all levels of our organization, from our Board of Directors, where three of our directors identify as female, to our employees. We are committed to diversity at all levels of our organization, from our Board of Directors, where a majority of members are from underrepresented groups, to our employees. We have established hiring processes, training, and partnerships with organizations to drive diversity and inclusion among our workforce. Programs such as our employee resource groups provide community and support for our employees.

Government RegulationsInformation about segment and geographic revenue is set forth in Note 15 of the Notes to Consolidated Financial Statements under Item 8 of this Annual Report on Form 10-K. Government Regulations Information about segment and geographic revenue is set forth in Note 14 of the Notes to Consolidated Financial Statements under Item 8 of this Annual Report on Form 10-K. We are a global company based in the U. We are a global company based in the U. S., and are therefore subject to foreign laws governing our foreign operations, as well as U.S. laws that restrict trade and certain practices, such as the Foreign Corrupt Practices Act. We are also subject to domestic and foreign laws that affect companies conducting business on the internet, including laws relating to the liability of providers of online services.We may also be subject to laws concerning the videos our customers publish using the Brightcove service. We may also be subject to laws concerning the videos our customers publish using the Brightcove service. In the U.S., we rely on laws that limit the liability of online providers for third-party content, including the Digital Millennium Copyright Act of 1998 (DMCA) and Section 230 of the Communications Decency Act of 1996. Countries outside the U.S. generally do not provide protections that are as robust as those under the DMCA and Section 230.We process a limited amount of personal information from our customers and those who view the videos they share using our platform. We process a limited amount of personal information from our customers and those who view the videos they share using our video platform. As a result, we are subject to laws and regulations governing privacy and data security in the U.S. and worldwide, such as Section 5 of the Federal Trade Commission Act, the EU’s General Data Protection Law (EU GDPR), the UK General Data Protection Law (UK GDPR), the California Consumer Privacy Act (CCPA), as amended, and other state privacy laws. and worldwide, such as Section 5 of the Federal Trade Commission Act, the EU’s General Data Protection Law (GDPR), and the California Consumer Privacy Act (CCPA). Corporate & Available InformationWe were founded in 2004, and our principal executive offices are located at 281 Summer Street, Boston, Massachusetts, 02210. Our telephone number is (888) 882-1880. Our website address is www.brightcove.com.

Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available free of charge through the investor relations page of our website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission.

The information that is posted on or is accessible through our website is not incorporated by reference into this Annual Report on Form 10-K and should not be considered part of this or any other report that we file with or furnish to the SEC. Alternatively, these reports may be accessed at the SEC’s website at www.sec.gov.

Inclusions of website addresses in this Annual Report on Form 10-K are inactive textual references only.Item 1A.

Risk FactorsYou should carefully review the risk factors described below and those described in other reports we file with the Securities and Exchange Commission, as well as the other information contained in this Annual Report on Form 10-K, in evaluating our business. Risk Factors You should carefully review the risk factors described below and those described in other reports we file with the Securities and Exchange Commission, as well as the other information contained in this Annual Report 15 Table of Contents on Form 10-K, in evaluating our business. Our business, prospects, financial condition, or operating results could be harmed by any of these risks, as well as other risks not currently known to us or that we currently consider immaterial. If any of such risks and uncertainties actually occurs, our business, financial condition or operating results could differ materially from the plans, projections and other forward-looking statements included in the section titled “Management’s Discussion and Analysis of Financial Condition and 14 Results of Operations” and elsewhere in this report and in our other public filings. The trading price of our common stock could decline due to any of these risks, and, as a result, you may lose all or part of your investment.Risks related to our businessWe have a history of losses, we may continue to incur losses and we may not achieve or sustain profitability in the future. Risks related to our business We have a history of losses, we may continue to incur losses and we may not achieve or sustain profitability in the future. We have historically incurred significant losses in each fiscal year other than for the year ended December 31, 2021, including a consolidated net loss of $9.0 million for the year ended December 31, 2022 and a consolidated net loss of $22.8 million for the year ended December 31, 2020 and a consolidated net loss of $21. 9 million for the year ended December 31, 2023. These losses were due to the substantial investments we made to build our products and services, grow and maintain our business and acquire customers. Key elements of our growth strategy include acquiring new customers and continuing to innovate and build our brand. As a result, we expect our operating expenses to increase in the future due to expected increased sales and marketing expenses, operations costs, research and development costs and general and administrative costs and, therefore, our operating income may potentially decrease in the foreseeable future. In addition, as a public company we incur significant legal, accounting and other expenses. Furthermore, to the extent that we are successful in increasing our customer base, we will also incur increased expenses because costs associated with generating and supporting customer agreements are generally incurred up front, while revenue is generally recognized ratably over the committed term of the agreement. You should not rely upon our recent bookings or revenue growth as indicative of our future performance. We cannot assure you that we will sustain profitability in the future. If we are ultimately unable to continue generating sufficient revenue to meet our financial targets, remain profitable and have sustainable positive cash flows, investors could lose their investment. Substantially all of our revenue has historically come from a single product, Video Cloud.We have historically been substantially dependent on revenue from a single product, Video Cloud, and we expect that revenue from Video Cloud will continue to comprise a significant portion of our revenue. We have historically been substantially dependent on revenue from a single product, Video Cloud, and we expect that revenue from Video Cloud will continue to comprise a significant portion of our revenue. Our business would be harmed by a decline in the market for Video Cloud, increased competition in the market for online video streaming platforms, or our failure or inability to provide sufficient investment to support Video Cloud as needed to maintain or grow its competitive position, including expanding our other solutions and products that address particular customer use-cases. Our business would be harmed by a decline in the market for Video Cloud, increased competition in the market for online video platforms, or our failure or inability to provide sufficient investment to support Video Cloud as needed to maintain or grow its competitive position. If we are unable to retain our existing customers, our revenue and results of operations will be adversely affected. If we are unable to retain our existing customers, our revenue and results of operations will be adversely affected. We sell our products pursuant to subscription agreements that are generally for annual terms. We sell our products pursuant to agreements that are generally for annual terms. Our customers have no obligation to renew their subscriptions after their subscription period expires, and we have experienced losses of customers that elected not to renew, in some cases, for reasons beyond our control. For example, our largest customer during 2020 faced bankruptcy and, as a result, we lost substantially all of the revenue we expected to generate from this customer in 2020. In addition, even if subscriptions are renewed, they may not be renewed on the same or on more profitable terms. As a result, our ability to retain our existing customers and grow depends in part on subscription renewals. We may not be able to accurately predict future trends in customer renewals, and our customers’ renewal rates have and may continue to fluctuate because of several factors, including their satisfaction or dissatisfaction with our services, the cost of our services and the cost of services offered by our competitors, a customer’s ability to build a video streaming solution in-house, reductions in our customers’ spending levels or the introduction by competitors of attractive features and functionality. If our customer retention rate decreases, we may need to increase the rate at which we add new customers in order to maintain and grow our revenue, which may require us to incur significantly higher sales and marketing expenses than we currently anticipate, or our revenue may decline. If our customer 16 Table of Contents retention rate decreases, we may need to increase the rate at which we add new customers in order to maintain and grow our revenue, which may require us to incur significantly higher sales and marketing expenses than we currently anticipate, or our revenue may decline. If our customers do not renew their subscriptions for our services, renew on less favorable terms, or do not purchase additional solutions or subscriptions, our revenue may grow more slowly than expected or decline, and our profitability and gross margins may be harmed or affected. If our customers do not renew their subscriptions for our services, renew on less favorable terms, or do not purchase additional functionality or subscriptions, our revenue may grow more slowly than expected or decline, and our profitability and gross margins may be harmed or affected. The actual market for our products and solutions could be significantly smaller than our estimates of our total potential market opportunity, and if customer demand for our offerings does not meet expectations, our ability to generate revenue and meet our financial targets could be adversely affected. The actual market for our solutions could be significantly smaller than our estimates of our total potential market opportunity, and if customer demand for our services does not meet expectations, our ability to generate revenue and meet our financial targets could be adversely affected. While we expect strong growth in the markets for our products and solutions, it is possible that the growth in some or all of these markets may not meet our expectations, or materialize at all. While we expect strong growth in the markets for our products, it is possible that the growth in some or all of these markets may not meet our expectations, or materialize at all. The methodology on which our estimate of our total potential market opportunity is based includes several key assumptions based on our industry knowledge and customer experience. If any of these assumptions proves to be inaccurate, then the actual market for our solutions could be significantly smaller than our estimates of our total potential market opportunity. If the customer demand for our offerings or the adoption rate in our target markets does not meet our expectations, our ability to generate revenue from customers and meet our financial targets could be adversely affected. If the customer demand for our services or the adoption rate in our target markets does not meet our expectations, our ability to generate revenue from customers and meet our financial targets could be adversely affected. 15 Our long term financial targets are predicated on bookings and revenue growth and operating margin improvements that we may fail to achieve, which could reduce our expected earnings and cause us to fail to meet the expectations of analysts or investors and cause the price of our securities to decline.We are projecting long-term bookings and revenue growth. We are projecting long-term bookings and revenue growth. Our projections are based on the expected growth potential in our premium customer base, as well as the market for on-demand software solutions generally. We may not achieve the expected bookings and revenue growth if the markets we serve do not grow at expected rates, if customers do not purchase or renew subscriptions as we expect, and/or if we are not able to deliver products desired by customers and potential customers. Our long-term operating margin improvement targets are predicated on operating leverage as long term revenue increases and improved operating efficiencies from moving to additional cloud-based delivery of services, together with lower cost of goods sold, research and development expenses and general and administrative expenses as a percentage of total revenue. If operating margins do not improve, our earnings could be adversely affected and the price of our securities could decline.Our business is substantially dependent upon the continued growth of the market for on-demand software solutions. Our business is substantially dependent upon the continued growth of the market for on-demand software solutions. We derive, and expect to continue to derive, substantially all of our revenue from the sale of our on-demand solutions. We derive, and expect to continue to derive, substantially all of our revenue from the sale of our on-demand solutions. As a result, widespread acceptance and use of the on-demand business model is critical to our future growth and success. Under the perpetual or periodic license model for software procurement, users of the software would typically install and operate the applications on their hardware. Because many companies are generally predisposed to maintaining control of their information technology, or IT, systems and infrastructure, there may be resistance to the concept of accessing software as a service provided by a third party. In addition, the market for on-demand software solutions is still evolving, and competitive dynamics may cause pricing levels to change as the market matures and as existing and new market participants introduce new types of solutions and different approaches to enable organizations to address their technology needs. As a result, we may be forced to reduce the prices we charge for our products and may be unable to renew existing customer agreements or enter into new customer agreements at the same prices and upon the same terms that we have historically. If the market for on-demand software solutions fails to grow, grows more slowly than we currently anticipate or evolves and forces us to reduce the prices we charge for our products, our bookings growth, revenue, gross margin and other operating results could be materially adversely affected.Our operating results may fluctuate from quarter to quarter, which could make them difficult to predict. • Our operating results may fluctuate from quarter to quarter, which could make them difficult to predict. Our quarterly operating results are tied to certain financial and operational metrics that have fluctuated in the past and may fluctuate significantly in the future. Our quarterly operating results are tied to certain financial and operational metrics that have fluctuated in the past and may fluctuate significantly in the future. As a result, you should not rely upon our past quarterly operating results as indicators of future performance. Our operating results depend on numerous factors, many of which are outside of our control. In addition to the other risks described in this “Risk Factors” section, the following risks could cause our operating results to fluctuate: •our ability to retain existing customers and attract new customers; •the rates at which our customers renew and the pricing tier at which they renew; •the amount of revenue generated from our customers’ use of our products or services in excess of their committed contractual entitlements; •the timing and amount of costs of new and existing sales and marketing efforts; •the timing and amount of operating costs and capital expenditures relating to the expansion of our business, operations and infrastructure; •the cost and timing of the development and introduction of new product and service offerings by us or our competitors;•macroeconomic trends, and impacts on the national and global economies due to natural disasters, acts of terrorism, social upheaval, governmental instability, or public health emergencies, such as the COVID-19 pandemic;•system or service failures (including service failures from third party providers on which we rely), security breaches or network downtime. In addition to the other risks described in this “Risk Factors” section, the following risks could cause our operating results to fluctuate: • our ability to retain existing customers and attract new customers; • the rates at which our customers renew; • the amount of revenue generated from our customers’ use of our products or services in excess of their committed contractual entitlements; • the timing and amount of costs of new and existing sales and marketing efforts; • the timing and amount of operating costs and capital expenditures relating to the expansion of our business, operations and infrastructure; • the cost and timing of the development and introduction of new product and service offerings by us or our competitors; • impacts on the national and global economies due to natural disasters, acts of terrorism, social upheaval, governmental instability, or public health emergencies, such as the COVID-19 pandemic; • system or service failures (including service failures from third party providers on which we rely), security breaches or network downtime. We operate in a rapidly developing market, which makes it difficult to evaluate our business and future prospects. We operate in a rapidly developing market, which makes it difficult to evaluate our business and future prospects. The market for our products and services is rapidly developing, which makes it difficult to evaluate our business and future prospects. The market for our products and services is rapidly developing, which makes it difficult to evaluate our business and future prospects. We have encountered, and will continue to encounter, risks and difficulties frequently experienced by growing companies in rapidly changing industries, including those related to:•market acceptance of our current and future products and services;16 •customer renewal rates;•our ability to compete with other companies that are currently in, or may in the future enter, the market for our products;•our ability to compete with customers or prospective customers that develop in-house solutions instead of purchasing our products;•our ability to successfully expand our business, especially internationally;•our ability to control costs, including our operating expenses;•the amount and timing of operating expenses, particularly sales and marketing expenses, related to the maintenance and expansion of our business, operations and infrastructure;•network outages or security breaches and any associated expenses;•foreign currency exchange rate fluctuations;•write-downs, impairment charges or unforeseen liabilities in connection with acquisitions;•our ability to successfully manage acquisitions; and•general economic and political conditions in our domestic and international markets. We have encountered, and will continue to encounter, risks and difficulties frequently experienced by growing companies in rapidly changing industries, including those related to: • market acceptance of our current and future products and services; • customer renewal rates; • our ability to compete with other companies that are currently in, or may in the future enter, the market for our products; • our ability to compete with customers or prospective customers that develop in-house solutions instead of purchasing our products; • our ability to successfully expand our business, especially internationally; • our ability to control costs, including our operating expenses; • the amount and timing of operating expenses, particularly sales and marketing expenses, related to the maintenance and expansion of our business, operations and infrastructure; • network outages or security breaches and any associated expenses; • foreign currency exchange rate fluctuations; • write-downs, impairment charges or unforeseen liabilities in connection with acquisitions; • our ability to successfully manage acquisitions; and • general economic and political conditions in our domestic and international markets. If we do not manage these risks successfully, our business will be harmed. If we do not manage these risks successfully, our business will be harmed. Our long-term success depends, in part, on our ability to expand the sales of our products to customers located outside of the United States, and thus our business is susceptible to risks associated with international sales and operations. • Our long-term success depends, in part, on our ability to expand the sales of our products to customers located outside of the United States, and thus our business is susceptible to risks associated with international sales and operations. We currently maintain offices and have sales personnel in Australia, France, Germany, India, Japan, South Korea, Spain, Mexico, Portugal, and the United Kingdom, and we intend to expand our international operations. We currently maintain offices and have sales personnel in Australia, France, India, Japan, Malaysia, Singapore, South Korea, Spain, Mexico, Philippines, Portugal, Germany, and the United Kingdom, and we intend to expand our international operations. Any international expansion efforts that we may undertake may not be successful. In addition, conducting international operations subjects us to new risks that we have not generally faced in the United States. These risks include:•unexpected costs and errors in the localization of our products, including translation into foreign languages and adaptation for local practices and regulatory requirements;•lack of familiarity with and burdens of complying with foreign laws, legal standards, regulatory requirements, tariffs, and other barriers;•unexpected changes in regulatory requirements, taxes, trade laws, tariffs, export quotas, custom duties or other trade restrictions;•difficulties in managing systems integrators and technology partners;•differing technology standards;•longer accounts receivable payment cycles and difficulties in collecting accounts receivable;•difficulties in managing and staffing international operations and differing employer/employee relationships;•fluctuations in exchange rates that may increase the volatility of our foreign-based revenue;•potentially adverse tax consequences, including the complexities of foreign value added tax (or other tax) systems and restrictions on the repatriation of earnings;•uncertain political and economic climates, international disputes, wars (such as the conflicts between Russia and Ukraine, and in Israel and Gaza), political instability or terrorist activities and resulting economic instability; and•reduced or varied protection for intellectual property rights in some countries.These factors may cause our costs of doing business in these geographies to exceed our comparable domestic costs. These factors may cause our costs of doing business in these geographies to exceed our comparable domestic costs. Operating in international markets also requires significant management attention and financial resources. Any negative impact from our international business efforts could negatively impact our business, results of operations and financial condition as a whole.We must keep up with rapid technological change to remain competitive in a rapidly evolving industry. We must keep up with rapid technological change to remain competitive in a rapidly evolving industry. 17 Our markets are characterized by rapid technological change, frequent new product and service introductions and evolving industry standards. Our future success will depend on our ability to adapt quickly to rapidly changing technologies, to adapt our services and products to evolving industry standards and to improve the performance and reliability of our services and products. To achieve market acceptance for our products, we must effectively anticipate and offer products that meet changing customer demands in a timely manner. Customers may require features and functionality that our current products do not have. If we fail to develop products that satisfy customer preferences in a timely and cost-effective manner, our ability to renew our contracts with existing customers and our ability to create or increase demand for our products will be harmed.We may experience difficulties with software development, industry standards, design or marketing that could delay or prevent our development, introduction or implementation of new products and enhancements. We may experience difficulties with software development, industry standards, design or marketing that could delay or prevent our development, introduction or implementation of new products and enhancements. The introduction of new products by competitors, the emergence of new industry standards or the development of entirely new technologies to replace existing offerings could render our existing or future products obsolete. If we are unable to successfully develop or acquire new features and functionality, enhance our existing products to anticipate and meet customer requirements or sell our products into new markets, our bookings growth, revenue and results of operations will be adversely affected.We face significant competition and may be unsuccessful against current and future competitors. We face significant competition and may be unsuccessful against current and future competitors. If we do not compete effectively, our operating results and future growth could be harmed.We compete with video sharing sites, in-house solutions, online video platforms and certain niche technology providers, as well as larger companies that offer multiple services, including those that may be used as substitute services for our products. We compete with video sharing sites, in-house solutions, online video platforms and certain niche technology providers, as well as larger companies that offer multiple services, including those that may be used as substitute services for our products. Competition is already intense in these markets and, with the introduction of new technologies and market entrants, we expect competition to further intensify in the future. In addition, some of our competitors may make acquisitions, be acquired, or enter into strategic relationships to offer a more comprehensive service than we do. These combinations may make it more difficult for us to compete effectively. We expect these trends to continue as competitors attempt to strengthen or maintain their market positions.Demand for our services is sensitive to price. Demand for our services is sensitive to price. Many factors, including our marketing, customer acquisition and technology costs, commoditization of our products and services and our current and future competitors’ pricing and marketing strategies, can significantly affect our pricing strategies. There can be no assurance that we will not be forced to engage in price-cutting initiatives, or to increase our marketing and other expenses to attract and retain customers in response to competitive pressures, either of which could have a material adverse effect on our revenue, operating results and resources.We will likely encounter significant, growing competition in our business from many sources, including portals and digital media retailers, search engines, social networking and consumer-sharing services companies, broadband media distribution platforms, technology suppliers, direct broadcast satellite television service companies and digital and traditional cable systems. We will likely encounter significant, growing competition in our business from many sources, including portals and digital media retailers, search engines, social networking and consumer-sharing services companies, 20 Table of Contents broadband media distribution platforms, technology suppliers, direct broadcast satellite television service companies and digital and traditional cable systems. Many of our present and likely future competitors have substantially greater financial, marketing, technological and other resources than we do. Some of these companies may even choose to offer services competitive with ours at no cost as a strategy to attract or retain customers of their other services. Technological and commercial developments may lead to the increasing commoditization of our products and services, including content delivery and storage, further increasing downward pressure on the prices we can charge. If we are unable to compete successfully with traditional and other emerging providers of competing services, our business, financial condition and results of operations could be adversely affected.Weakened global economic conditions may harm our industry, business and results of operations.Our overall performance depends in part on worldwide economic conditions. Global financial developments and downturns seemingly unrelated to us or the software industry may harm us. The U.S. and other key international economies have been affected from time to time by falling demand for a variety of goods and services, restricted credit, poor liquidity, reduced corporate profitability, volatility in credit, equity and foreign exchange markets, bankruptcies, inflation and overall uncertainty with respect to the economy, including with respect to tariff and trade issues. In particular, the economies of countries in Europe have been experiencing weakness associated with high sovereign debt levels, weakness in the banking sector, uncertainty over the future of the Euro zone and volatility in the value of the pound sterling and the Euro, and instability resulting from the ongoing conflicts between Russia and Ukraine and in Israel and Gaza. The effect of the conflicts between Russia and Ukraine, and in Israel and Gaza, including any resulting sanctions, export controls or other restrictive actions that may be imposed against governmental or other entities in, for example, Russia and the Middle East, have in the past contributed and may in the future contribute to disruption, instability and volatility in the global markets. We have operations, as well as current and potential new customers in Europe. If economic conditions in Europe and other key markets for our platform continue to remain uncertain or deteriorate further, it could adversely affect our customers’ ability or willingness to subscribe to our platform, delay prospective 18 customers’ purchasing decisions, reduce the value or duration of their subscriptions or affect renewal rates, all of which could harm our operating results. If our security measures, or those of our partners or service providers, are breached as a result of third-party action, employee error, malfeasance or otherwise and, as a result, someone obtains unauthorized access to confidential information, personal data or customer content, our reputation will be damaged, our business may suffer or we could incur significant liability. More recently, inflation rates, particularly in the U.S., have increased and may continue to remain at elevated levels or further rise, which may result in decreased demand for our products and services, increases in our operating costs including our labor costs, constrained credit and liquidity, reduced government spending and volatility in financial markets. Central banks worldwide, including the Federal Reserve in the U.S., have in the past raised, and may again raise, interest rates in response to concerns over inflation rates. There continues to be uncertainty in the changing market and economic conditions, including the possibility of additional measures that could be taken by the Federal Reserve and other domestic and foreign government agencies, related to concerns over inflation risk.The effects of a pandemic, epidemic, outbreak of an infectious disease or public health crises have in the past and could again, materially affect how we and our customers operate our respective businesses, and impact our future results of operations and overall financial performance.Our business could be adversely affected by health crises in regions where we operate or otherwise do business. For example, the outbreak of the novel coronavirus disease, or COVID-19, and the policies and regulations implemented in response thereto, had a significant impact, both directly and indirectly, on global business and commerce (including our business and that of our customers and suppliers) such as labor disruptions and supply chain shortages that continued even af