VIQ Solutions Expands Media Footprint, Signs New Contracts with Top Global News Outlets and Renews Contract with Industry News Leader for Five Years
VIQ Solutions Inc. (“VIQ” or the “Company”), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, announced its subsidiary, VIQ Media, has entered into two new contracts, valued at approximately $580,000, to provide rush verbatim transcripts and global newswire distribution to top global news agencies. The Company also announced the five-year renewal of its largest media client, representing an average annual revenue of approximately $1.9 million, beginning April 2022. All amounts in this news release are expressed in U.S. dollars unless otherwise stated.
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“We are proud that such esteemed organizations that deliver Political, Financial and General Interest news daily, continue to trust us with the critically important role of accurately rendering and distributing their news content quickly and efficiently”
VIQ Media traces its roots back to the transcript division of the Reuters News Service and continues at the forefront of what is next in the industry. VIQ is committed to developing and swiftly applying technological advancements to aid broadcasters as they navigate the transformation of the media segment.
“We are proud that such esteemed organizations that deliver Political, Financial and General Interest news daily, continue to trust us with the critically important role of accurately rendering and distributing their news content quickly and efficiently,” said Elizabeth Pennell, President of VIQ Media. “These contractual relationships attest to our ability to exceed expectations and aid in the transformation of the media segment.”
The contracts encompass transcription services, video logging, program monitoring, and newswire and database distribution of text transcripts produced by VIQ to provide greater exposure and revenue generation, which help offset transcription cost. FirstDraft services are key to fulfilling the contractual obligations and further enhance access to text-based documentation in near real-time. The addition of video logging, a new service offering, resulted from the consolidation of multiple vendor contracts.
VIQ leads the digital transformation with innovative technologies that deliver faster and accurate transcripts while securely protecting confidential information. VIQ services reduce costs, decrease turnaround times, increase transcript accuracy, and provide digitized innovation to the industry.
“In a year dominated by major news events, the need for secure, AI-powered transcription services have increased exponentially,” said Susan Sumner, President and Chief Operating Officer of VIQ. “VIQ uses sophisticated technology to enable the fast, accurate, and affordable production of text effectively supporting the real-time demands of expanded streaming, social media, and 24-hour news cycles.”
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