- Last Updated: 10:36 AM, July 15, 2012
- Posted: 10:42 PM, July 14, 2012
TV on the telephone is on hold again — or at least making money doing it is.
MobiTV, the maker of software that lets smartphone users watch live television, last week withdrew its plans for a $75 million initial public offering, citing “unfavorable market conditions.”
MobiTV has never turned a profit, according to regulatory filings, recording a net loss of $11.8 million last year even as revenue increased 27 percent to $85.1 million.
Live mobile television has proved to be a difficult market for technology companies. Qualcomm, the largest maker of chips that run mobile phones, closed its wireless FLO TV service last year because consumers were gravitating more to programming on demand.