This involved COGS optimization, operational transformations, and team reductions. Most recently, we took additional actions to reduce costs, including reducing headcount by approximately 5% at the beginning of Q1 2024. This further aligns our expense structure with our near-term revenue outlook. Second, we built out our senior management team. In Q4, we were thrilled to add Jim Norton as our new Chief Revenue Officer; and Kathy Klingler, our new Chief Marketing Officer, and to promote David Beck to the newly created role of Chief Operating Officer. Jim joined us from Flowcode where he served as CRO and has extensive experience in media, advertising, and marketing technology sales. Kathy, most recently was the Global Head of Marketing Communications and Customer Experience for Rapid7.
Third, we also made important progress on several of our key strategic growth initiatives. We were pleased with the success we had super serving our largest and most strategic potential customers. Signing and successfully launching Yahoo! and the NHL during the year was great validation that our platform has a substantial market opportunity to be a foundational technology for very large streaming entities. We continue to have a meaningful pipeline of these large opportunities in both media and enterprise, and we are an organization that knows how to win and service them well. We also accelerated our product innovation. 2023 was Brightcove’s most innovative year in a long time. We successfully launched Com Studio and marketing Studio for Enterprise and introduced a number of important solutions for media, including Ad Monetization, Brightcove Analytics & Insights, a new quality of experience solution and multiple enhancements to our industry-leading video players and playout solutions.
Our expanded product portfolio over growing number of key business problems facing our customers and provides Brightcove with more ways to add value. We have now created multiple upgrade paths for our existing customers that will create a powerful expansion motion that will diversify and strengthen add-on sales. We are also now executing and will accelerate on a commitment to an AI-driven future. Our customers entrust us with their video library, some of the largest unstructured data sets that exist. This provides us with a unique opportunity to support them with our secure platform to improve their business performance, grow their revenue and reduce their costs. Today, we are harnessing the power of AI across various parts of our portfolio.
These include our Analytics & Insights platform to help customers make the right content decisions. Our EMEA winning Context Aware Encoding platform to reduce storage and bandwidth cost for many customers up to 25% to 50% and our overall video cloud platform to simplify workflows, especially around ingest, metadata creation, and automated smart transcription. We also expanded via partnerships in content production, distribution, and monetization. We signed several important partnerships in 2023, ramping up our capabilities in ad monetization, fast, OTT distribution, and enhanced accessibility. In Q4, we also announced an expanded partnership with Socialive, a leading video content creation and production management platform to further enhance and support our communications and live studio solutions.
These partnerships are good examples of how we can quickly expand our product capabilities or sales reach via third-parties. Our broad efforts in 2023 have made Brightcove a stronger, more resilient company as we enter 2024. Our confidence in our strategy is driven in large part by the trends in the media and enterprise end markets we serve and the dynamics of streaming overall. Streaming is a dynamic, rapidly evolving, and growing market. Overall, streaming usage grew 21% in the U.S. in 2023 according to Nielsen and is poised for continued growth in 2024 and beyond. The Summer Olympics and global elections in over 60 countries, covering roughly half the world’s population will be sizable catalyst for streamers across the globe, and we believe continued expansion in global enterprise usage will add to this as well.
In the media market, streaming was the U.S.’ core long-form content consumption method in 2023, now 10% ahead of each of cable and broadcast. This indicates to us that streaming will be the battlefield for eyeballs media over the coming decade or more. With big companies, they continue to be hyper-focused on driving streaming profitability, predominantly via content cost reductions and layoffs so far. In 2024, we believe they will seek to explore new revenue and cost savings ideas. First, we believe many streamers will continue to transform their go-to-market to include new monetization models like ad tiers. More content modalities think live versus on-demand, more content types, think entertainment for sports versus news and more distribution channels and partnerships, including bundles, packages and new end points.
Look no further than the recent joint venture announcement between ESPN Fox and Warner Bros. Discovery in sports as a great example of content providers experimenting with new distribution price points and economic models to try to broaden their consumer reach. On the cost side, we believe many will seek more efficiency in programming via optimization through analytics and insights, AI and data-driven models. We also believe they will look to reduce spending on in-house technology and Teams with a view towards outsourcing for efficiency over the long-term. Many larger studios now also appear open to license content to others, creating the potential for more new streaming services to be created. And while the News Media and Wall Street tend to focus on Netflix and a few larger services as an indicator of the overall streaming market, that’s not the whole story.
In the U.S. alone, there are over 1,500 streaming channels currently with more growth expected. While multichannel and broadcast models have proven to be more durable in Europe and Asia to-date, we expect streaming to expand further across a broader range of countries and regions as well. The large streamers have effectively pulled back on many of their global expansion plans, giving even more opportunity to regional leaders. Like our customers, Coupang in Korea, TIVAR in Japan, Seven Network in Australia, Skymass in Mexico and many more who have large and growing streaming businesses in their regions. We believe the leading media companies in each region will have successful streaming plays as well numerous entities ranging from individual sports leagues and teams specific niche content services, all the way to the content creators themselves.
