Announcement
LoopUp Group PLC : Launch of LoopUp Video
RNS Number : 2992B
LoopUp Group PLC
06 June 2019
6 June 2019
LOOPUP GROUP PLC
("LoopUp Group" or the "Group")
Launch of LoopUp Video
LoopUp Group plc ("LoopUp"), the premium remote meetings company, has today announced the introduction of new video functionality into its flagship software-as-a-service product for remote business meetings.
LoopUp offers a premium experience to mainstream conference callers who - prior to LoopUp - were still dialing into their conference calls with phone numbers and access codes, instead of using any software for a better meeting experience. LoopUp helps them take this step by making its software so simple and intuitive that it requires no extended learning - it can be adopted without training, even in the heat of the moment on a live call with multiple important guests.
The video strategies of other software players in the industry generally: require, or at least promote, a software download, which people may or may not have the time, will or permissions to do; take a 'video first' approach which encourages, or even forces, guests to turn on their cameras as they join meeting; and promote VoIP audio via the PC and often over the public internet, which can only offer best-efforts and non-guaranteed reliability.
This approach may be suitable for more tech-savvy early adopters and more specialist teams in a typical enterprise, such as IT and Training. However, the board believes it is not suitable for LoopUp's mainstream majority target market who are still dialling into calls. Any one of these attributes - let alone all - would see users fleeing back to the safety and reliability of basic dial-in.
LoopUp's video strategy is, therefore, quite different and is aligned to its mainstream majority target market, as follows:
· First and foremost, LoopUp puts audio first, not video first. Critically, all LoopUp audio is still carried over tier-1 networks with managed quality of service, and not over the public internet. Video is streamed over a totally separate IP path, to ensure any bandwidth limitations do not interfere with the reliability of audio.
· Second, LoopUp recognises that video can provide clear value in certain situations such as interviews, board meetings and group presentations. However, on a large proportion of day-to-day meetings, video is neither wanted nor needed. LoopUp's video implementation puts this decision solely at the host's discretion, who will generally have the best view as to the value of video on that particular meeting. If the host decides to enact video, then, and only then, will guests be opt-in invited to turn on their cameras.
· And finally, LoopUp's video implementation requires no downloads and is available via standard PC and tablet browsers leveraging WebRTC technology.
From today's launch, LoopUp video will now be rolled out to all customers in a phased programme, which reflects the roll-out plan the Group previously executed for screen sharing. Like everything in the LoopUp product, there are no mandatory licence fees and pricing is on a pay-as-you-go basis. The Group believes this new functionality expands its addressable market, enhances its value proposition, and provides an additional source of value-added revenue in its pay-as-you-go revenue model.
Steve Flavell and Michael Hughes, co-CEOs of LoopUp, commented:
"This is a major development for the LoopUp product and comes after years of consideration into whether and how we might implement video into our premium, mainstream product. LoopUp has a highly differentiated product strategy, taking a fundamentally different approach to the mainstream adoption of software in the world of remote meetings, where behaviour is still dominated by dial-in numbers and access codes. Our video implementation naturally honours our broader strategy - keeping the experience simple, unintimidating and consumable in the heat of the moment on a live multi-party meeting. It is very much 'video the LoopUp way' and we're excited about the impact that we believe this approach can have in the mainstream user market and on our business."
For further information:
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LoopUp Group PLC |
via FTI Consulting, LLP |
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Steve Flavell, co-CEO |
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Panmure Gordon (UK) Limited |
+44 (0) 20 7886 2500 |
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Dominic Morley / Alina Vaskina (Corporate Finance) |
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Erik Anderson (Corporate Broking) |
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Numis Securities Limited |
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Simon Willis / Jonny Abbott (Corporate Finance) |
+44 (0) 20 7260 1000 |
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Tom Ballard (Corporate Broking) |
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FTI Consulting, LLP |
+44 (0) 20 3727 1000 |
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Matt Dixon / Harry Staight |
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About LoopUp Group plc
LoopUp (LSE AIM: LOOP) is a premium remote meetings solution. Streamlined and intuitive, LoopUp is built to give mainstream business professionals a better and more productive experience than basic dial-in conferencing, while delivering the quality, security and reliability required in the enterprise. One-click screen sharing and integration with tools business people use every day, like Outlook™, make it easy for LoopUp users to collaborate in real time. LoopUp's award-winning SaaS solution doesn't overwhelm users with features and doesn't require training. Over 2,000 enterprises worldwide, including Travelex, Kia Motors America, Planet Hollywood, National Geographic and Clifford Chance trust LoopUp with their remote meetings.
The Group is headquartered in London, with offices in San Francisco, New York, Boston, Chicago, Dallas, Los Angeles, Atlanta, Denver, Cardiff, Milton Keynes, Madrid, Berlin, Malmo, Hong Kong, Sydney and Barbados, and is listed on the AIM market of the London Stock Exchange (LOOP). For further information, please visit: www.loopup.com.
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