Hal Leonard and Avid Enter into Five-year Multi-million Dollar Agreement

Avid (NASDAQ:AVID), the leading technology provider that powers the media and entertainment industry and Hal Leonard have entered into a five year multi-million dollar agreement.

Hal Leonard, the largest music print publisher in the world will extend the reach of Avid’s market leading creative tools through its resellers.

As quoted in the press release:

 This long-term agreement, signed in July, is among Avid’s largest distribution deals to date and represents an annual multi-million dollar value to Avid, while providing for Hal Leonard’s distribution professional audio and video products through authorized resellers in the Americas, Australia, New Zealand and selected countries in EMEA.

Avid tools and solutions are offered to the global market by the company’s well-established network of distribution partners including Hal Leonard. With this new distribution agreement, Hal Leonard’s long-standing commitment to Avid offerings has grown to incorporate a greater selection from Avid’s iconic product portfolio now including Media Composer^® video editing software, Pro Tools^® digital audio software, Sibelius^® music notation software, and Avid’s pro mixing and integrated solutions for live sound in regions where Hal Leonard carries specialized authorization.

“As an experienced distributor of Avid products, we believe this agreement gives us a lot of growth potential that will allow us to tap into new markets,” said Larry Morton, Hal Leonard’s President. “Our goal is to bring an expanded product mix to a wider dealer base and, with Avid, we can offer them the industry’s best and most widely used solutions. We’ve succeeded in the recording category with Pro Tools, and now we’re pursuing video and other areas that present an opportunity for us to diversify and use our strengths in distributing products seamlessly while giving great service to retailers.”

“Avid is excited to become even more thoroughly represented through Hal Leonard to get our creative software tools and solutions into the hands of more musicians, composers, producers, engineers and others to help them achieve their best work in the studio and on stage,” said Jeff Rosica, CEO & President at Avid. “Our companies have enjoyed a longstanding collaboration, with Avid’s popular products for the creative community being perfectly complemented by Hal Leonard’s global reach and prominence. While this expanded relationship opens up new opportunities for both companies, in particular for Avid this new long-term agreement largely underscores the opportunity with our creative software suite and subscription offerings, which will contribute to further growth of Avid’s recurring revenue stream beginning in the third quarter of 2018.”

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