Smartphone software maker MobiTV pulls IPO

    The company withdrew its plans citing 'unfavorable market conditions.'
    News, Consumer-facing Tech


    MobiTV, the maker of software that lets smartphone users watch live television, filed for a $75 million IPO in August, but requested the SEC to withdraw the filing immediately.

    Interestingly, MobiTV has never turned a profit, according to regulatory filings, recording a net loss of $11.8 million last year even as revenue rose 27 percent to $85.1 million. Live mobile television has proven to be a challenging market, because consumers can access free on-demand services such as Google Inc.’s YouTube and subscription offerings from Netflix and Amazon.

    The company’s business is built around providing the streaming technology and then partnering with mobile-phone companies for distribution.

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