Progressive Networks gets real and goes public
Published: 29 Sep 1997 15:37 BST
Friday was an eventful day for streaming audio and video software vendorRealNetworks. The company changed its name from Progressive Networks early in the morning and downplayed claims that there was anything else afoot. By late afternoon Pacific time, the company had also filed its Initial Public Offering.
RealNetworks claims that around 18 million copies of its RealPlayer software have been downloaded but it is still desperately in need of cash for expansion. RealNetworks reported a net loss of US$6.3 million, on revenue of $13.3 million, for the first half of this year. In 1996, the company's net loss was $3.6 million. Further details of the number of shares and their price are expected shortly. A recent deal with Microsoft over licensing also brought in some much need revenue.
With the beta of RealPlayer 5 due this week, it's all change at the Seattle-based software manufacturer and content publishers. A recent deal with Film.com saw it boosting the content side of its operations and recent expansion in Europe has seen deals with the likes of the BBC and Sky.The company worked closely with both organisations on offering real-time streaming audio and video coverage of the funeral of the Princess of Wales.
The new RealPlayer software, in beta this week, is expected to offer improved audio and video quality.
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