Another big web video-bubble player just hit the wall.
A slightly different take from streaming media analyst Dan Rayburn: The company has three parties interested in buying its scraps.
And yet another take: One person close to the company says the lights are on and people are “moving forward” after a restructure, but we’re short on details.
We’re trying to find out more and will update if we hear anything.
Here’s a note from Andy Tarczon, founding partner of The Diffusion Group:
Today saw the loss of another OTT player as Move Networks, the pioneer of adaptive bitrate technology, halted operations. Most of the remaining employees were released this morning. Few will be surprised by the announcement – Move’s challenges have been well discussed since last year’s big management shakeup. For the last several months there has been no clear market direction communicated from the company. At the same time Move has lost several key clients (including Fox), seen their CDN-based revenue model erode and funding burn rate continue unabated. The most recent efforts to keep the company afloat saw Move only able to raise $3 million dollars of a reported $20 million round.
The company’s president, Roxanne Austin, was scheduled as a keynote speaker at the recent OTTcon East, but the company mysteriously canceled at the last minute. Obviously, funding difficulties were already at critical juncture. We understand Ms. Austin has resigned.
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