Videoworks sees its internationalisation strategy rewarded and looks to refit
At the latest Monaco Yacht Show, Press Mare interviewed Maurizio Minossi, CEO of Videoworks. The Ancona-based company specialises in the design and installation of audio-video technology, entertainment systems, lighting and IT solutions on board yachts.
PM – Let’s take a snapshot of the company today and of its presence at the Monaco Yacht Show.
MM – Let’s start with a figure that pleases us a great deal: of the roughly one hundred and ten superyachts on display in Monte Carlo, twenty-two have our technologies and solutions installed on board.
PM – Is that a record for you?
MM – It also depends on circumstances and on the year, but it is a substantial starting point for saying that, in our view, the company has set out on its path of internationalisation in the right way. We were founded as an Italian company, and in terms of ownership we essentially remain one, but today we operate in the superyacht sector on a global scale, thanks in part to our subsidiaries in the United States and the Netherlands.
PM – How do orders work in the superyacht segment for a company like yours?
MM – It depends a lot on the approach the owner takes, especially on the larger yachts: he generally arrives with a project package of specifications and drawings already defined.
PM – Defined by whom?
MM – On bespoke projects the owner, who by definition is already a capable entrepreneur, is always supported by highly professional consultants and brokers. First of all he assembles the team responsible for exterior and interior design and for project management. Once this initial assessment is done, he decides where to build the vessel: in Italy, on the Tyrrhenian or the Adriatic coast, in Turkey, in the Netherlands and so on. For us as a company, the aim is to be present in all the main shipbuilding hubs and to act as a global partner, so as to catch these opportunities from the outset.
PM – You started on this very early, opening your first subsidiary in the Netherlands years ago. It is fair to say you saw it coming.
MM – Yes, exactly. We started with the Netherlands, then the United States and, third, the Turkish market. The next step now is to become an experienced and proactive player in refit too, providing services to yachts already in operation: internet traffic management, maintenance, security management and so on. We want to be an operator that is not only the shipyard’s partner during construction, but that can also look after the yachts after delivery.
PM – You now offer a wide range of services. Which are the most requested, and which are the most promising for the future?
MM – In terms of volume, the most important service is undoubtedly technology support and internet connectivity. Although there are large market leaders such as Starlink, in my view there is room for a company like ours that provides different services. In my opinion, for a vessel today, setting aside the safety of passengers and crew, the lack of internet is the main problem, even more so than problems with engines or steering.
PM – And cybersecurity?
MM – This kind of support is becoming increasingly important. Pleasure vessels first of all want a complete assessment of their current state, especially of systems not installed by us, through penetration tests and other checks that we carry out to evaluate the security of on-board networks. When we then find vulnerabilities or issues to be fixed, we work to raise the level of cybersecurity.
PM – Which market segments are the most interesting?
MM – Certainly series-built 50-metre aluminium yachts, which are generally based on a fairly uniform platform, both in terms of the boat itself and of the interior fit-out.
PM – Are they perhaps also the ones that give you the most satisfaction in terms of margins?
MM – It depends, because the final margin is assessed after the warranty period, and we are a company that provides a 12-24 month warranty, so it is very important to provide support after installation as well.
PM – Speaking of new technologies and R&D, how much is handled in-house and how much with external partners?
MM – As a strategic operational choice, we decided to keep all software application development within the company. The projects we are currently working on using AI are also the result of our own work: we have scientific partners, such as the University of Pisa, who guide us on the scientific and algorithmic side, but the development is ours.
PM – We imagine you will aim to keep that control.
MM – Yes, absolutely. AI in particular is becoming central and remains under our control. At this show, on the other hand, we have a Japanese partner, Coton, a sound design company, with which we presented a new collaboration dedicated to integrating sound into yacht design through the Immersive Audio Experience. It is a solution that takes audio beyond listening, making it an integral part of the space and its atmosphere.
PM – What kind of response did you get at the Monaco Yacht Show?
MM – In my view the show confirmed two specific trends. First, demand that is still solid, above all for large superyachts, let’s say over 500 GT, on which we still have several projects in build with deliveries around 2031-2032.
PM – And the other?
MM – The second is the large number of contact requests for refit work. These are yards which, unlike new build, now essentially concentrated in the three main areas of Italy, the Netherlands and Turkey, are more widely spread geographically. There is of course the whole Mediterranean belt, but also several operators doing good work in Dubai, Abu Dhabi and elsewhere.
Riccardo Masnata