Onstream Media Wins Frost & Sullivan's 2006 Entrepreneurial Company of the Year Award
Leading International Analyst and Research Firm Recognizes Onstream Media's Revolutionary Product Solution is Poised for Success
Jan 11, 2006
POMPANO BEACH, Fla., -- Onstream Media Corporation ONSM, a leading online service provider of live and on- demand, digital media communications and applications, has been honored with the 2006 Frost & Sullivan "Digital Media Enabling Technologies Entrepreneurial Company of the Year" award. Frost & Sullivan is a leading international consulting firm. Its dedicated digital asset management practice has tracked top DAM companies and digital media industry trends for more than seven years.
Frost & Sullivan cites the award is "in recognition of Onstream Media's identification of a unique and revolutionary product solution with significant market potential. Additionally, the award certifies that Onstream Media's marketing strategy is sound and poised for success." Onstream Media will be presented the award at the Frost & Sullivan Excellence in Information and Communications Technology Awards Conference in Scottsdale, Arizona on January 25th.
Onstream Media entered the digital asset management (DAM) market with the launch of their digital media services platform in 2005, the Frost & Sullivan citation noted. The company has positioned itself for success in the online Application Service Provider (ASP) market and now offers a complete suite of rich media applications via the Onstream Digital Media Services Platform (DMSP).
"Based on our latest in-depth analysis of the DAM market, the nascent ASP market for DAM solutions is expected to grow to an extremely healthy compound average growth rate and averaging over 30 percent to achieve revenues in the $200 million range within the next seven years," said Mukul Krishna, Program Manager for Digital Media at Frost & Sullivan. "Onstream Media has been one of the few companies to recognize this tremendous opportunity and has entered the market fairly quickly by establishing key OEM partnerships. Onstream Media has already started seeing success in this venture and is positioned very well to capitalize on the demand for ASP solutions."
Specializing in audio and video corporate communications, Onstream Media's ASP digital media services technology provides its customers with the necessary tools for webcasting; web conferencing; managing digital assets; publishing content on the Internet; and establishing e-commerce storefronts to transact business online. Seventy-eight percent of the Fortune 100 CEOs and CFOs and almost half of the Fortune 1000 companies currently use or have used Onstream Media's services. Onstream Media customers include: AOL, AAA, AXA Equitable Life Insurance Company, Disney, KPMG LLP, MGM, Deutsche Bank, Thomson Financial/CCBN, PR Newswire and the U.S. Government.
"We are honored to be recognized by Frost & Sullivan for our company's efforts in developing an affordable and feature laden platform to meet the requirements of today's businesses that are extensively using digital rich media," said Randy Selman, President and Chief Executive Officer of Onstream Media. "Onstream Media has remained true to its mission of creating services focused on increasing productivity and revenues, and reducing capital expenditures and operational costs, for any organization as well as providing these capabilities in an affordable and highly secure environment."
"In a very short time Onstream Media has shown why it is regarded as one of the more exciting companies in the market. The company has not only shown initiative in identifying and seizing market opportunity, but also shown commitment to follow-up with a robust technology platform to address customer needs and work towards making a sustainable and successful business model," concluded Krishna.
About Frost & Sullivan
Frost & Sullivan is a global leader in international strategic growth consulting. Frost & Sullivan Awards are presented to companies that demonstrate excellence in their industry, commending the diligence, commitment and innovative business strategies required to advance in the global marketplace. Frost & Sullivan rigorously analyses specific criteria to determine award recipients in a vast variety of industries and landscapes. Founded in 1961, Frost & Sullivan is headquartered in San Jose, California, with offices located worldwide. For further information, visit Frost & Sullivan's website.
About Onstream Media Corporation
Founded in 1993, Onstream Media ONSM is a leading online Application Service Provider (ASP) of live and on-demand, rich media communications via the Onstream Digital Media Services Platform. Specializing in audio and video corporate communications, Onstream Media's pioneering ASP digital media services technology provides its customers with the necessary tools for webcasting, web conferencing, managing digital assets, publishing content on the Internet and establishing e-commerce storefronts to transact business online. All of Onstream Media's services are focused on increasing productivity and revenues, and reducing capital expenditures and operational costs of any organization in an affordable and highly secure environment. As a result, 78% of the Fortune 100 CEOs and CFOs and almost half of the Fortune 1000 companies have used Onstream Media's services.
Onstream Media customers include: AOL, AAA, AXA Equitable Life Insurance Company, Disney, MGM, Deutsche Bank, Thomson Financial/CCBN, PR Newswire and the U.S. Government.
For more information, visit the Onstream website at http://www.onstreammedia.com or call 954-917-6655.
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This press release contains forward-looking statements, some of which may relate to Onstream Media Corporation and which involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward looking statements as a result of certain factors, including those set forth in Onstream Media Corporation's filings with the Securities and Exchange Commission.