Franklin McMahon /
09.20.2011 02:54 PM
Originally featured on BroadcastEngineering.com
MobiTV files for IPO
While being in business for 10 years and now with a core focus on mobile TV, MobiTV is hoping that its latest move will be just the jolt it needs to take its services to the next level. Even though it has yet to make a profit and has posted losses the past several years, the company has a strong stable of licensed content from providers such as NBC, ABC, CBS, Disney and ESPN. The company's technology is now in hundreds of portable devices including iOS, Windows and Android. MobiTV has now filed with the SEC for a public offering, with hopes to raise at least $75 million to fund the future and current mobile path it is on.
MobiTV has already had a cash infusion, acquiring over $100 million from investors such as Hearst, Adobe, Menio and Redpoint. It has used this to build up mobile options such as Sprint TV, T-Mobile TV, Verizon NFL Mobile and AT&T's U-verse Live. Last year alone, the company streamed nearly 1.5 billion minutes of mobile content to multiple carriers and equipment. It also has a core focus on live events and transmitted thousands of live events last year. One problem that does arrive and is the source of a double-edged sword is the long-standing relationships with T-Mobile, Sprint and AT&T. While the three providers make up an overwhelming majority of the company's cash flow, and currently all are on good terms with MobiTV, in the event that any one of the big three were to move on and not renew their agreements, financial security and long-term growth would be severely affected. For now, the momentum is indeed there and this latest move could be the big push MobiTV needs to expand into a brighter future.