Unfortunately the compounding of mistakes made over the years by Avid has cost them viability. To me, the two single largest mistakes were their arrogance when they owned the market, followed by their unwillingness to invest in their flagship product. Had they invested a fraction of the money they blew on the Pinnacle purchase in modernizing Media Composer, we wouldn't be having this discussion today.
Now they are a tech company without a tech visionary at the helm. To survive they are going to have to either stop being a tech company, or get a Steve Jobs type leader.
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