Stay on Top of Enterprise Technology Trends
Get updates impacting your industry from our GigaOm Research Community
Online video platform provider Brightcove amended its SEC filing today to go public; the company is expected to raise just shy of $60 million, selling 5 million shares for $10 to $12 a piece. Brightcove originally filed its S-1 with the Security and Exchanges Commission in August of last year, but updated some of the details in this amended filing. Here are the key new numbers and other interesting tidbits about the Brightcove IPO:
- Brightcove had 3,872 customers in over 50 countries by the end of 2011.
- The company’s 2011 revenue was $63.6 million, compared to $43.7 million in 2010. Its net loss in 2011 $17.8 million, compared to $17.3 million in 2010. It expects to continue to have losses in 2012.
- Brightcove employed 312 people in 9 different countries by the end of 2011.
- Brightcove generated 66 percent of its revenue in the U.S. in 2011.
- Brightcove’s customers served on average 743 million streams per month in 2011. More than half of those streams were delivered outside of the U.S..
- Most of the media is delivered through Akamai (s AKAM) and Limelight, (s LLNW) but the contract with Limelight is currently up for renewal.
- The New York Times is not only one of Brightcove’s biggest customers, but also a minority shareholder that owns less than 5 percent of the company’s stock.
- Brightcove doesn’t mention any of its direct competitors by name, but mentions YouTube (s GOOG) three times in the filing.
- Brightcove will trade at NASDAQ under the stock symbol BCOV.
- The offering is led by Morgan Stanley and Stifel Nicolaus Weisel, and underwritten by RBC Capital Markets, Pacific Crest Securities and Raymond James.
What does the filing mean for the online video space in general? Our own Ryan Lawler summed it up best last August:
“Brightcove deserves kudos for making it this far while other online video companies have either been acquired at fire sale prices or bit the dust. But the modest revenues revealed by its IPO filing show just how hard it is to make money in online video, even while viewers are tuning in droves.”