It's now been almost six months since we formalized the combination of Grass Valley and SAM into the new Grass Valley. Wow that was fast! We've made some tough decisions and answered more than a few questions from concerned customers, but on balance, we feel great about what's happening here at Grass Valley and we sense the same level of excitement from our customers.
Why? Because the benefit to them is clear and aligns well with what's happening all around our industry. Broadcasters and content creators are responding to rising costs and new competition by seeking ways to improve efficiency, either with new tools or by consolidating operations. And they're not just consolidating their own operations; they're consolidating the market via mergers and acquisitions at a record pace. Economy of scale is the name of the game.
The transition that Grass Valley made is good for us and good for our customers and partners. Our customers who were previously with SAM now have the assurance of knowing that the solutions they depend on have a stable home, within the Belden family. Plus, they have gained access to Grass Valley's broad product portfolio. At the same time, those who have been Grass Valley customers will benefit from advances in replay, playout, editing, MAM and the list goes on and on that will be integrated from the SAM product line. Grass Valley's commitment to all customers is that their long-term investments will be protected and supported.
Advertisers are paying more attention to OTT platforms and are investing heavily there. According to a recent Forbes
article, "Savvy advertisers are following the exponential OTT audience growth and our industry has made significant strides in the past year with OTT targeting, personalization, measurement and engagement." Broadcasters are responding with their own next-generation services, moving away from a purely linear approach to content creation and delivery.
This brings its own challenges; not only will broadcasters have to deliver better pictures to more devices, in different formats and over limited bandwidth, but they will have to deliver more services while reducing expenditure. That often means new approaches like virtualization or automation, and new infrastructure technologies. Grass Valley has solutions to help broadcasters and media organizations harness cloud and IP-based solutions that support higher resolution content and enable flexible workflows that deliver content to multiple platforms.
Backed by the Belden brand, with its strong balance sheet and leading business system, our customers can be confident that we are well funded and we have a solid business plan. It's no secret, though, that our industry as a whole is in a period of transition. The survivors and ultimate market winners will be the ones who make smart decisions and remain prepared to capitalize on the promise of the future. We invest in innovation, deepening customer connections and growing our number one market leadership position. It enables us to be the business transformation partner that our customers can trust to lead them through the exciting times ahead.
Looking to the future, I expect the market will be seeking more options for remote and virtual production that decrease cost and increase efficiency. Many of the on-premise tasks of today are well suited for the cloud, which can help our customers reduce their upfront cash outlay and increase their financial flexibility. Efficiency is the key to remaining competitive as the pressure to deliver content to a variety of devices grows.
Grass Valley, as the number one technology supplier of media solutions, offers the widest selection of technologies and solutions that integrate easily and reduce complexity. We will continue to make great efforts to streamline the integration of our products to reduce the cost of integration and reduce the time to get projects on-air. By working with a single supplier, broadcasters and content creators can focus on the business of creating and monetizing their content without worrying about the complexity of a multi-vendor solution and multiple touchpoints for service and support. The right supplier relationship will be key to finding success in the evolving broadcast market. We're ready to be that supplier for you.
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