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ArchivesGame Developer Acclaim Lays Off 600, Will File for BankruptcyAuthored by Mark Hefflinger on August 31, 2004 - 10:08am.
Glen Cove, N.Y. -- Struggling video game developer Acclaim Entertainment has laid off all 600 of its employees and will file for Ch. 7 bankruptcy on Tuesday, according to various published reports citing sources within the company. Acclaim was unable to renew its loan with GMAC Commercial Finance, and unsuccessful in locating an alternative $65 million loan. Company CFO Gerald Agoglia told employees at the company's Glen Cove, N.Y. headquarters of the news late Friday, IGN.com reported; Acclaim also operated development studios in Austin, Texas and Manchester and Cheltenham in Great Britain. The company will not publish titles such as "The Red Star" and "Juiced," which were slated for release in September. Acclaim has suffered weak sales of its titles over the past year, and was also compelled to restate results from the past three years after discovering an accounting error. Acclaim shares were delisted from the Nasdaq last week after failing to meet Nasdaq requirements.
Large Webcasters, SoundExchange Propose Music Royalty AgreementAuthored by Mark Hefflinger on August 31, 2004 - 10:03am.
Washington -- The Digital Media Association (DiMA), a trade group of large music webcasters, announced that it has filed a joint petition with SoundExchange, the recording industry's digital royalty collection body, to renew the current webcasting royalty rates for the period of 2005-2006. The U.S. Copyright Office will publish the agreement and accept comments in its review of the proposed deal, which would eliminate the necessity of holding another contentious Copyright Arbitration Royalty Panel (CARP). The agreement would cover large webcasters including AOL, Microsoft, Yahoo and RealNetworks, while smaller webcasters would still be free to negotiate their own terms. "DiMA companies continue to believe that royalties paid by our industry to sound recording companies and artists are unfairly high and above-market-rate," said DiMA executive director Jon Potter. "Nevertheless, in the interests of focusing our industry's limited resources on the continuing effort to build profitable businesses and defeat piracy, DiMA has agreed to avoid arbitration and the associated costs for at least another year or two."
WSJ: America Online Testing Internet Phone ServiceAuthored by Mark Hefflinger on August 31, 2004 - 10:01am.
Dulles, Va. -- Hoping to cash in on a growing trend in telecommunications, America Online is testing a new Internet telephone service, The Wall Street Journal reported on Tuesday. The service, which is based on Voice-over-Internet Protocol (VoIP) technology -- will allow the company to offer phone service to broadband customers at low prices. The Journal reported that AOL, which has about 23 million Internet customers, is working with Level 3 Communications to test the service. Recently, cable companies have been exploring the possibility of adding VoIP services, which are gaining popularity as more consumers switch to broadband Internet connections. Traditional phone companies, such as AT&T, Verizon and Qwest, also have announced plans to enter the market in an attempt to keep their customer bases in tact.
Report: Music Downloads to Hit $4.2 Billion in Western Europe by 2009Authored by Mark Hefflinger on August 31, 2004 - 10:00am.
Cambridge, Mass. -- The digital music market in Western Europe will grow to $4.2 billion in 2009, gradually catching up with U.S. sales after the launch of services from Apple, Sony, Napster and Microsoft in the region, according to a report from Massachusetts-based market research firm Forrester Research. Over 60% of European downloads will be generated in Britain, France and Germany in 2009, Forrester projected, with Spain and Italy growing to account for an additional 20% of the market. The report also found that half of the current market for digital music sales is generated by consumers aged 16-24, but predicts that older users will increasingly access such services as they become more easy to use.
Audible, Random House Joint Venture to Sell Audiobooks in GermanyAuthored by Mark Hefflinger on August 31, 2004 - 9:59am.
Wayne, N.J. -- Audiobook publisher Audible on Tuesday announced the formation of an international joint venture with publisher Verlagsgruppe Random House and Holtzbrinck Networxs to create a German-language version of its online audiobook store. Audible.de is expected to launch in the fourth quarter of 2004 and will consist of a German language site featuring German audio content as well as Audible's English-language content for download. New Jersey-based Audible also announced on Tuesday that it partnered with C-SPAN to offer free audio downloads of keynote speeches from the 2004 Republican National Convention.
Wireless Entertainment Publisher Dwango Raises $3 MillionAuthored by Mark Hefflinger on August 31, 2004 - 9:57am.
Seattle -- Dwango North America, a developer and publisher of wireless entertainment content, announced on Tuesday that it has raised $3 million in new funding from Weiss, Peck & Greer Investments. The investment follows an earlier aggregate funding of $5 million from Alexandria Investment Management. Seattle-based Dwango, the U.S. arm of Japanese firm Dwango Co. Ltd., has delivered games and ringtones to partners including Rolling Stone and ESPN. "This most recent investment will drive continued product development, brand acquisitions and international expansion to meet increasing global demand for our mobile entertainment content," said Dwango CEO Rick Hennessey.
Game Developer Crave Entertainment Secures $58 Million Credit FacilityAuthored by Mark Hefflinger on August 31, 2004 - 9:39am.
Los Angeles -- Video game developer and publisher Crave Entertainment announced on Tuesday that it has secured a new three-year, $58 million credit facility with GE Capital. The package includes a $55 million revolving credit line for working capital needs and a $3 million loan. The company also announced that it has relocated its warehouse operations from Rancho Dominguez, Calif. to a larger facility in nearby Carson. Crave Entertainment has developed titles including "Ultimate Fighting Championship," "Freedom Force" and "Battle Realms."
Paramount Buys Film Rights to Midway Games' "AREA 51"Authored by Mark Hefflinger on August 31, 2004 - 9:39am.
Hollywood -- Viacom's Paramount Pictures announced on Tuesday that it has acquired the rights from Chicago-based developer Midway Games to create a feature-length film based on the company's upcoming "AREA 51" video game. The title, scheduled for release in March 2005 for PlayStation 2 and Xbox, is an alien-themed sci-fi game that features voice talent from David Duchovny, Powers Boothe and Marilyn Manson. Paramount said that producer Christine Peters ("How to Lose a Guy in 10 Days") will be collaborating with Midway Games on the film, billed as an action-packed thriller.
TiVo Reports Tripling Subscribers in Quarter, Wider Net LossAuthored by Mark Hefflinger on August 30, 2004 - 11:25am.
San Jose, Calif. -- TiVo, a provider of digital video recorder services, announced that it added 288,000 new subscribers during the second quarter, more than triple the number it added in the same period last year, and said its total installed base has more than doubled in the past twelve months. For the quarter, the company posted a wider net loss ($10.8 million) despite a 49% jump in revenue to $39.8 million. Of the new subscribers added during the quarter, 225,000 were generated from TiVo's relationship with satellite TV firm DirecTV, which now accounts for over one million of TiVo's 1.9 million total subscribers. Analysts have made much of TiVo's continued dependence on DirecTV, given that the company sold its 4% stake in TiVo in June.
Struggling Games Firm Acclaim Behind on U.K. Payroll, May File for Ch. 11Authored by Mark Hefflinger on August 30, 2004 - 11:22am.
London -- GamesIndustry.biz reported on Friday that employees at struggling video game developer Acclaim Entertainment's Manchester, U.K. and Austin, Texas were sent home today, and also that the company's U.K. employees have not been paid for the month of August. The company's staff at its Austin studio was reportedly sent home after the landlord at the facility locked the doors for nonpayment of rent. Acclaim announced last week that it may have to file for Ch. 11 if it cannot locate a lender to replace its expired credit facility with GMAC Commercial Finance, at the same time that its shares were also delisted from the Nasdaq.
HP Unveils Branded Apple iPod, Other Digital Consumer ElectronicsAuthored by Mark Hefflinger on August 30, 2004 - 11:20am.
Miami -- PC maker HP on Friday unveiled a branded iPod digital music player as part of its new consumer digital electronics line that includes cameras and photo printers, home theater projectors and entertainment-based laptop and desktop PCs. In partnership with Apple, HP will sell a 20GB iPod for $299 and 40GB model for $399 -- the same price Apple charges -- and also offer "printable tattoo" water-resistant skins for the players that feature either album cover art or consumers' own personalized artwork or photos. HP is currently taking pre-orders for the branded iPods and will begin shipping them on Sept. 15.
Report: First Quarter E-Book Sales Top $3.23 MillionAuthored by Mark Hefflinger on August 30, 2004 - 11:15am.
New York -- Sales of e-books were $3.23 million for the first quarter of 2004, a 28% increase from the same period a year ago, according to data compiled by the Open eBook Forum, a trade group made of technology firms and publishers. Factors impeding the growth of e-books include expense and design factors of portable devices used for mobility, competing e-book file formats and publishers' desire for adequate digital rights management for their titles. "Publishers all want heavy-duty DRM, but the problem is that anything you do gets in the way of buying and using e-books," publishing industry analyst Jean Bradford told CNET News.com.
Report: Downloadable Games Market Expected to Grow Six-Fold by 2009Authored by Mark Hefflinger on August 30, 2004 - 11:07am.
Boston -- In the next five years, there is expected to be a 600% growth in the market for downloadable games, according to a new report form Strategy Analytics. The sector will account for 82% of the mobile game market, the firm said. Meanwhile, the level of private funding of mobile game distributors during the past four months "has not been seen since the halcyon days of the late 1990s." In June, distributor Mforma announced $44 million of financing for its first external round of venture funding. In July, game publisher Sorrent announced that it had raised $20 million in a third funding round led by BA Venture Partners, and Canadian mobile publisher, Airborne Entertainment, announced a new financing deal worth $22 million led by Insight Venture Partners. In August, IN-FUSIO announced that it had raised $27 million in its latest round of financing led by Insight Venture Partners.
PerfectMatch.com Parent Company MarketRange Raises $7 MillionAuthored by Mark Hefflinger on August 30, 2004 - 10:20am.
Seattle -- MarketRange, a provider of online communities including dating site PerfectMatch.com and TalentMatch.com, announced that it has raised $7 million in its second round of venture capital financing. Ignition Partners led the investment round, in which Mellon Ventures also participated. The company will use the funds to accelerate growth for its PerfectMatch service, aggressively seeking new members through online, radio and television partnerships.
More than 150 Arrested in Nationwide Cyber Crimes StingAuthored by Mark Hefflinger on August 30, 2004 - 10:13am.
Washington, D.C. -- Attorney General John Ashcroft on Thursday announced the arrests or convictions of more than 150 individuals as part of a nationwide operation against Internet crimes. Operation Web Snare, which included arrests of several people on Thursday, is targeting a variety of online economic crimes including identity theft, fraud, counterfeit software, computer intrusions and other intellectual property crimes. It also is targeting "phishing," where criminals use e-mails and web sites resembling those of legitimate organizations to commit identity theft and fraud. According to the Anti-Phishing Working Group, the number of unique phishing attacks increased from 176 in January to 1,422 in June. Ashcroft said that he has recommended full use of the new Identity Theft Penalty Enhancement Act, which mandates stiff prison terms for those who use identity theft to commit other crimes. "This effort shows how effective law enforcement can be against online crime when all levels of government -- domestically and internationally -- work together," said Ashcroft.
TiVo Reports Tripling Subscribers in Quarter, Wider Net LossAuthored by Mark Hefflinger on August 27, 2004 - 8:19pm.
San Jose, Calif. -- TiVo, a provider of digital video recorder services, announced that it added 288,000 new subscribers during the second quarter, more than triple the number it added in the same period last year, and said its total installed base has more than doubled in the past twelve months. For the quarter, the company posted a wider net loss ($10.8 million) despite a 49% jump in revenue to $39.8 million. Of the new subscribers added during the quarter, 225,000 were generated from TiVo's relationship with satellite TV firm DirecTV, which now accounts for over one million of TiVo's 1.9 million total subscribers. Analysts have made much of TiVo's continued dependence on DirecTV, given that the company sold its 4% stake in TiVo in June.
Struggling Games Firm Acclaim Behind on U.K. Payroll, May File for Ch. 11Authored by Mark Hefflinger on August 27, 2004 - 8:17pm.
London -- GamesIndustry.biz reported on Friday that employees at struggling video game developer Acclaim Entertainment's Manchester, U.K. and Austin, Texas were sent home today, and also that the company's U.K. employees have not been paid for the month of August. The company's staff at its Austin studio was reportedly sent home after the landlord at the facility locked the doors for nonpayment of rent. Acclaim announced last week that it may have to file for Ch. 11 if it cannot locate a lender to replace its expired credit facility with GMAC Commercial Finance, at the same time that its shares were also delisted from the Nasdaq.
HP Unveils Branded Apple iPod, Other Digital Consumer ElectronicsAuthored by Mark Hefflinger on August 27, 2004 - 8:16pm.
Miami -- PC maker HP on Friday unveiled a branded iPod digital music player as part of its new consumer digital electronics line that includes cameras and photo printers, home theater projectors and entertainment-based laptop and desktop PCs. In partnership with Apple, HP will sell a 20GB iPod for $299 and 40GB model for $399 -- the same price Apple charges -- and also offer "printable tattoo" water-resistant skins for the players that feature either album cover art or consumers' own personalized artwork or photos. HP is currently taking pre-orders for the branded iPods and will begin shipping them on Sept. 15.
Report: First Quarter E-Book Sales Top $3.23 MillionAuthored by Mark Hefflinger on August 27, 2004 - 8:14pm.
New York -- Sales of e-books were $3.23 million for the first quarter of 2004, a 28% increase from the same period a year ago, according to data compiled by the Open eBook Forum, a trade group made of technology firms and publishers. Factors impeding the growth of e-books include expense and design factors of portable devices used for mobility, competing e-book file formats and publishers' desire for adequate digital rights management for their titles. "Publishers all want heavy-duty DRM, but the problem is that anything you do gets in the way of buying and using e-books," publishing industry analyst Jean Bradford told CNET News.com.
PerfectMatch.com Parent Company MarketRange Raises $7 MillionAuthored by Mark Hefflinger on August 27, 2004 - 8:13pm.
Seattle -- MarketRange, a provider of online communities including dating site PerfectMatch.com and TalentMatch.com, announced that it has raised $7 million in its second round of venture capital financing. Ignition Partners led the investment round, in which Mellon Ventures also participated. The company will use the funds to accelerate growth for its PerfectMatch service, aggressively seeking new members through online, radio and television partnerships.
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