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One of the most interesting aspects about Pinnacle is the fact that their products address all levels of the video market, and that the company has arrived at this position primarily through the acquisition of other companies. It's also interesting to compare this figure with the alleged $30 million in cash that Apple paid for Emagic.
However, after the technology market ran into serious economic problems in 2001, Steinberg decided to postpone their plans.įrom a financial perspective, the price Pinnacle paid for Steinberg, $24 million ($8.2 million in cash and $15.8 million of Pinnacle System common stock), indicates how small the music-software industry really is, especially considering that Steinberg is one of the biggest players. In 1999, Steinberg quoted 13 million Euros of sales, and in 2000, the figure nearly doubled, reaching 22 million Euros.
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Steinberg Media Technologies AG, to use the company's full title, was founded in 1984 by Karl Steinberg and Manfred Rürup, and planned to go public on the Frankfurt stock exchange in 2001, after two successful years of sales that had indicated tremendous growth.
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And, at the pinnacle of the company's range (so to speak) for want of a better word, there are studio systems used by some of the biggest broadcasters in the world, such as the Mediastream and Edge series of broadcast servers. Pinnacle's product range includes sub-£100 products for hobbyists, such as Studio (a home video-editing package), or the PCTV series of hardware for watching TV on your computer, but also mid-range products for consumers and professionals alike (along with smaller production companies), like Edition or Liquid for desktop video-editing.
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If you've ever been involved with video production, either on an amateur or professional level, you'll probably be familiar with many of Pinnacle's products, since they've managed the difficult task of having a successful presence in just about every sector of the video-production industry. Pinnacle Systems itself was founded in 1986 in Mountain View, California, and over the last 16 years has grown to be a corporation worth $270 million, listed on the NASDAQ (America's stock exchange for the best-performing technology companies) and with revenues for the third quarter of 2002 totalling $68.6 million.
But there was, of course, an obvious precedent for a video company buying an audio company - Avid's purchase of Digidesign in 1996. Rumours concerning a possible buyout of Steinberg by Pinnacle were in circulation following the Apple/Emagic deal, but it seemed reasonable to assume that these were pure speculation - after all, previous rumours that Pinnacle were going to buy Avid had come to nothing. So again, as in last September's issue of Sound On Sound, we find ourselves asking similar questions: why would Pinnacle want Steinberg? Why would Steinberg want Pinnacle? And what does it now mean for musicians and users of Steinberg's software? Facts & Figures And this fact was confirmed again in the last days of 2002 on 18th December, the news broke that Emagic's main competitor, Steinberg, hitherto a privately owned company, had been bought out by desktop-video specialists Pinnacle.
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Have Steinberg reached the summit with Pinnacle?Īpple's buyout of Emagic in July of 2002 shocked many people in the music-technology industry - it was a move that made it clear that the role and importance of music software in the larger multimedia arena was changing.
The shape of the music-technology market changed dramatically in 2002, with the two largest German music software companies gaining new ownership from American corporations.
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