What do the 2024 Olympic Games, U.S. Presidential Debate, 2024 Oscars, and UEFA competition have in common? All of them demand seamless streaming, low latency delivery, and cater to an enormous audience. Additionally, they are all powered by Amagi – the operating system for some of the world’s largest listed media and entertainment enterprises.(1)
But this wasn’t always the case – Amagi’s journey to market leadership is the result of continuous reinvention, risk-taking, and unwavering focus on a long-term vision.
Amagi’s journey to market leadership is the result of continuous reinvention, risk-taking, and unwavering focus on a long-term vision.
We first met Amagi during their seed round in 2013 and stayed in touch over the years, but they were largely focused on offering local ad‑tech solutions catered only to the Indian market. While we were not convinced of the business model scalability, the technical brilliance, domain expertise and complementary strengths of Baskar Subramanian (CEO), Srinivasan KA (President – Global Business of the Amagi Group) and Srividhya Srinivasan (CTO) impressed us.
The Covid-19 pandemic proved to be the major inflection point. Media companies globally were becoming painfully aware of their reliance on legacy hardware infrastructure. Years of building vertical-specific high quality cloud software solutions positioned Amagi as the end-to-end software platform for media & entertainment companies globally.
Driven by an outstanding founding team and massive market tailwinds, we finally co-led their investment round in September 2021 and quickly followed it up with another investment in March 2022. Now, as Amagi completes its IPO, we are celebrating not only a financial milestone, but years of hard work, tough decisions, stellar growth, and validation of the company’s vision to revolutionize the media and entertainment industry.
Glass‑to‑Glass: Amagi Redefines Media Infrastructure
Our investment in Amagi was centered around two key themes:
- “Cord-cutting” or the shift away from traditional/ linear TV to OTT/ Streaming Services
- Media companies transitioning their infrastructure from legacy on-premise hardware to the cloud.
Amagi positioned itself at the heart of this transformation as a SaaS operating system for media and entertainment. Their defining strength lies in the ability to deliver a true “glass‑to‑glass” solution, seamlessly managing the entire journey of content from the camera lens to the viewer’s screen. This end‑to‑end capability is more than a technical achievement; it’s a strategic advantage that sets them apart in a fragmented industry.
By shifting legacy broadcasting workflows from on‑premise hardware to the cloud, Amagi has enabled content owners to modernize at scale, launching broadcast‑grade channels in weeks instead of months. Offering such agility, Amagi is the backbone of the FAST (Free Ad Supported Streaming TV) and Cloud TV revolution, empowering media companies to monetize vast libraries of content while meeting the demand for flexible, ad‑supported viewing.
Scaling Amagi’s U.S. Presence and Navigating the Road to IPO
The journey to becoming a public company is never straightforward, and for Amagi it required both operational discipline and strategic foresight. After Norwest’s investment, we took an active, hands‑on role in preparing the company to scale globally. One of the most pivotal steps was recruiting Vijay NP, a former AWS executive, as CFO. His arrival further strengthened the executive team, adding greater financial discipline, operational rigor and instilling a culture of accountability across the organization.
The journey to becoming a public company is never straightforward, and for Amagi it required both operational discipline and strategic foresight.
We helped them hire Dan Marshall (Ex-SVP of Sales of a Norwest portfolio company) who has been instrumental in scaling up Amagi’s USA operations as Head of Sales.
In preparation for the IPO, Amagi’s focus had to be re-oriented towards EBITDA and Free Cash Flow rather than ARR. While aggressive investment in sales and product reliability was encouraged, there was a need to balance that ambition with rigorous cost controls to safeguard profitability. At times, this meant making difficult strategic calls, such as avoiding risky acquisitions or focusing on profitability in midst of a funding boom.
Given Norwest’s IPO experience with 8 publicly listed companies, we worked closely with the management team as a thought partner — helping with strategy and decision making.
Given Norwest’s IPO experience with 8 publicly listed companies, we worked closely with the management team as a thought partner — helping with strategy and decision making.
Since Norwest’s investment, the company’s revenue has grown nearly five‑fold, reaching an estimated $137 million in revenue as of FY25. Today, Amagi powers more than 7000 channel deliveries and works with marquee names such as Lionsgate, Sinclair, Vevo, Fox, E.W Scripps etc., and serves more than 45% of the top 50 listed media & entertainment companies.(1)
Looking Forward
The shift toward cloud‑based broadcasting and the rapid expansion of FAST are reshaping the media ecosystem in ways that mirror some of the most significant platform transitions we’ve seen across technology.
OTT viewership has nearly doubled over the past decade and is projected to approach half of global broadcasting revenue by 2029. We believe the media & entertainment industry is very nascent in terms of cloud penetration – only ~ 3% of cable TV networks had moved their core workflows to the cloud back in CY19. This rapidly grew to 10% by CY24 and is now expected to reach 40-60% by CY29. For companies positioned at the intersection of these trends, the opportunity is both substantial and durable.
This is where Amagi stands out. It is not simply another media technology company; Amagi has become the operating system for the new video and streaming economy – one that enables broadcasters, streamers, and content owners to move faster, operate more efficiently, and reach audiences everywhere.
Amagi has become the operating system for the new video and streaming economy – one that enables broadcasters, streamers, and content owners to move faster, operate more efficiently, and reach audiences everywhere.
For Norwest, the investment in Amagi was never about short‑term gains. It was about backing a team with vision, resilience and technical excellence, and helping them navigate the complexities of global expansion, operational discipline and public markets. As the company embarks on its next chapter, we remain committed to supporting its journey because we believe the future of media will be streamed, and Amagi will be powering it.
(1) By revenue as of 30 September, 2025
