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RealNetworks (Nasdaq: RNWK) has appointed Brad Donaldson as Vice President of Computer Vision to enhance the SAFR product line. His role focuses on driving growth and expanding market presence for RealNetworks' computer vision technologies. Donaldson brings extensive experience from his previous position at Arecont Vision Costar, where he successfully launched several top products. Under his leadership, SAFR aims to maintain its industry-leading position in AI-powered facial recognition, with applications in security and analytics.
RealNetworks supports the acquisition of Rhapsody International, operating as Napster, by MelodyVR Group for approximately $70M. RealNetworks owns an 84% stake in Napster. The deal includes $15M in cash, $11M in stock, and $44M in assumed obligations. The acquisition aims to merge Napster with MelodyVR, enhancing live virtual reality music experiences. The transaction is set to close in Q4 2020, and RealNetworks plans to discuss the economic benefits during its Q3 earnings call.
RealNetworks, Inc. (RNWK) reported Q2 2020 results with consolidated revenue of $40.4 million, down from $44.2 million year-over-year. Core revenue, excluding Napster, was $17.1 million, a 9% increase year-over-year. Games revenue rose 23% year-over-year, reaching $7.5 million. Despite a net loss of $(5.1) million, the adjusted EBITDA improved to $(2.2) million, narrowing losses for the fourth consecutive quarter. The U.S. Air Force awarded the company $1.9 million in SBIR contracts. RealNetworks did not provide Q3 guidance due to COVID-19 uncertainties.
RealNetworks (Nasdaq: RNWK) appointed Mike Ensing as President and COO, effective August 17, 2020. Ensing, who previously served as interim CFO, will oversee the company’s core operations and strategic initiatives. He succeeds Max Pellegrini, who is leaving to pursue a new opportunity in Italy. With over 25 years of leadership experience in finance and operations, Ensing aims to drive growth, leveraging RealNetworks' expertise in technology. CEO Rob Glaser expressed confidence in Ensing's ability to lead the company positively into the future.
RealNetworks (Nasdaq: RNWK) announced it will report its financial results for Q2 2020 after the market closes on August 5, 2020. The conference call will occur at 1:30 p.m. PT / 4:30 p.m. ET, where investors can access the call by dialing specified numbers or through a live webcast on RealNetworks' Investor Relations site. Following the call, a telephonic replay will be available until August 26, 2020. The company is noted for its digital media innovations, including its SAFR facial recognition platform and Kontxt messaging platform.
RealNetworks, Inc. (NASDAQ: RNWK) has appointed Walter Candelu as Area Vice President for the Middle East to enhance its SAFR® facial recognition platform presence. Based in Dubai, Candelu will expand sales, business development, and partner networks in a region projected to grow its video surveillance market by 17% annually. Jose Larrucea, SVP of International Sales, highlights that Candelu's experience in the security industry positions him well to leverage AI for infrastructure investment. SAFR aims to transform physical security through advanced visual intelligence solutions.
RealNetworks, Inc. (NASDAQ: RNWK) has launched SAFR Inside, a new app for its facial recognition platform, designed for use with ACAP-enabled cameras. This innovation aims to reduce network traffic and deployment costs significantly. For instance, retailers could save over $500 per camera by employing SAFR Inside instead of traditional servers. The app also includes features for Covid-19 safety, such as mask detection. SAFR Inside will be available at no additional cost by the end of July 2020, enhancing operational efficiency and safety.