Bloomberg has joined the Alliance for Open Media (AOMedia) as its newest member. The announcement, made on November 13, 2024, marks an expansion of the consortium's reach into the financial technology sector.
According to Dhananjay Deshpande, Head of Bloomberg's Real-Time Communication Engineering group, the company brings its extensive experience in building secure communication solutions for the global financial community. "Bloomberg is committed to building high quality, dependable, secure, and compliant real-time communication solutions for the global financial community," stated Deshpande.
The Alliance for Open Media, established in 2015, represents a collaborative initiative focused on developing royalty-free standards for media compression and delivery. The organization's membership spans across various sectors, including content platforms, higher education institutions, service providers, software developers, and product manufacturers.
Matt Frost, AOMedia Chair, emphasized the significance of Bloomberg's addition: "We're excited to welcome Bloomberg to AOMedia, reflecting our joint commitment to improve open media in new and cutting-edge ways." The collaboration aims to accelerate the delivery of open web media standards.
Bloomberg's involvement with AOMedia aligns with its 'open source first' approach. As an active contributor to open source projects, the company's participation will enable it to influence and evaluate next-generation audio and video standards, particularly in Real Time Communication applications.
The organization's flagship technology, AV1, continues to demonstrate its value across multiple platforms. The video codec maintains high quality while reducing streaming and storage expenses. This optimization benefits various applications, from streaming services to virtual classrooms, mobile video applications, and chat platforms.
AOMedia's current board-level membership includes major technology companies such as Amazon, Apple, Cisco, Google, Intel, Meta, Microsoft, Mozilla, Netflix, NVIDIA, Samsung Electronics, and Tencent. The organization operates under the Linux Foundation framework.
This collaboration emerges at a time when video communication technologies play an increasingly critical role in financial services. Through this membership, Bloomberg positions itself to participate in developing standards that could shape the future of financial communication technologies.
AOMedia's work extends beyond video codecs. The organization maintains several active working groups, including the Codec Working Group, Software Implementation Working Group, and Storage and Transport Formats Working Group, each focusing on specific aspects of media technology development.
The partnership demonstrates the expanding influence of open media standards across different industry sectors, highlighting the growing importance of efficient, high-quality media compression and delivery systems in specialized business environments.