The challenges and opportunities of online video startup FilmOn continue apace. The internet-based premium video provider FilmOn, fresh from dropping a lawsuit against CNET, has now been re-listed on the Frankfurt stock exchange, trading under the ticker FMX. It delisted from the exchange back in 2009.
UK-based FilmOn also claims that it has reached the number-one spot on the “European” Apple (NSDQ: AAPL) App Store with its free iPhone and iPad app. Recently it has additionally launched an HDi player, available as a free download on its site.
FilmOn says it has deals with some 120 content providers for its service, with Paramount, Associated Press and Bloomberg among the bigger names. Although it offers a fair whack of free content — including several terrestrial channels in the UK — it also has around 120 subscription and pay-per-view channels on offer.
No stats offered today on takeup of those services, although now that the company is listed we may start to see more transparent reporting on these details.
In July, FilmOn dropped a lawsuit it had filed against CBS’s tech site CNET, after finding only six examples of the content that it claimed CNET infringed by distributing Limewire file-sharing software. FilmOn founder Alki David says he is preparing a further action against CBS (NYSE: CBS), with which it has been sparring over unlicensed content since last year.
The initial market capitalization for FilmOn’s current listing is €43 million ($62 million). That’s a far cry from the €500 million valuation it had when it first listed in 2009. Between then and now the company has been personally funded by David, a producer, actor and musician.
The company says it will be buying back shares sold in 2009 from any investor, taking 10 percent interest paid on the price at which the stock was bought.