How an Aussie fom the housing projects became a billionaire making gear for next generation Spielbergs.
Blackmagic Design’s Grant Petty turned the chip on his shoulder about Hollywood’s tech elite into a one of the most innovative manufacturers of inexpensive filmmaking equipment. Thanks to the pandemic, a contempt for outsourcing and an army of YouTubers, his business is booming., I was working until 2 a.m. every day because I was writing the code that runs the company,” says Grant Petty, CEO and founder of Blackmagic Design.
but its primary customers are YouTubers and budget-conscious independent filmmakers. Over the past couple years, that market exploded as lockdowns caused a surge in demand for professional-quality home equipment. For the year ending June 30, 2021, Blackmagic’s revenue nearly doubled from 2019, to $576 million, and its profits grew tenfold, to $113 million. Given its rapid growth and today’s heady tech valuations, debt-free Blackmagic could fetch $3 billion as a public company, making Petty and cofounder Doug Clarke, who each own 36%, billionaires on paper.
“ Cloud licensors are like slumlords. You have to keep buying from me and the more you’re loyal, the more you’ll get penalized. It’s like your dog does something nice and you beat it with a stick. ” Petty didn’t stop at video capture cards. In 2009 Blackmagic purchased the assets of da Vinci Systems, an ailing developer of color-grading hardware and software that it sold to Hollywood postproduction houses at prices ranging from $350,000 to $850,000 per unit. “We felt we could potentially make it a software product and bring it to the Mac platform where the creative people could use it,” Petty says.
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