Online Video Platform Brightcove Files for $50 Million IPO

Brightcove, an online video platform that you may have used without even knowing, is filing for an IPO. The company expects to bring in $50 million which will serve to power Brightcove as it continues to expand and seek profitability.

While revenues have continued to rise, the company is still not making any money and doesn't expect to for a couple more years.

"Brightcove Inc. today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission in connection with a proposed initial public offering of its common stock," the company said.

Of course, there's been a flurry of activity with several companies going public recently. But the recent economic troubles have yielded poor results for those that already went through the IPO, as their share prices have been dropping, almost universally.

At the same time, other companies wanting to go public have put off plans in the light of the most recent developments.

Brightcove isn't put off by this though, while it may still be a while until it goes public and this is the first small step, it is moving forward.

The company has well over 3,000 customers at this point, including big names like AOL or the New York Times, along with plenty of big corporate customers.

Brightcove provides a white-label service, offering video hosting and distribution, via the web and soon via mobile apps, to companies that want a custom solution, but don't want to build their own.

Revenue has grown to almost $50 million in 2010, up from $1.4 million back in 2006, but has lost $67.5 million in those four years. It lost another $9.5 in the first six months of 2011, on revenue of $28.4 million. The company estimates that it won't turn a profit until the end of 2012 at the earliest.