A huge year on year increase in revenue of over 96% from FY2010 to $66.1 million has turned round the financial fortunes of mobile video search engine provider blinkx.
For the financial year ended 31 March 2011, blinx made a profit of $7.2 million in FY201, an impressive turnaround from the loss of $9.0 million in FY2010.
The year saw a number of key addition to the portfolio namely an increase blinkx's footprint in the OTT and Internet TV space such as the introduction of blinkx Internet TV API and new distribution agreements with Boxee, Google TV, Amino and Woomi. In addition the company launched the blinkx Mobile API, opened the blinkx Video Index to distribution partners, and it made agreements with Samsung and Evri to bring blinkx to the iPhone and further Android devices.
This resulted in video streams in the UK and US growing by over 155%, according to data from comScore with an average daily video search run rate increased to 44.5 million searches per day in H2 FY2011. The year also saw the acquisition of Burst Media which allowed blinkx to bring its 35 million hours of online video and TV to Burst's network of over 157 million unique users.
Commenting on the preliminary results Suranga Chandratillake, founder and CEO of blinkx, said: "We're delighted to report another strong performance this year delivering results ahead of analyst consensus on all key metrics. We have maintained powerful momentum in the business, with revenue increasing over 96% on the prior year and a movement into a position of full year profitability with robust cash flow.
"This achievement was driven by a number of factors, including the robust growth of traffic on the blinkx site and the ongoing success of our advertising platform, AdHoc, in attracting new and repeat advertising customers such as Kleenex and Microsoft. During the year we also continued to expand our cross-platform distribution initiatives, through partnering with industry leaders like Samsung, the launch of blinkx mobile and the release of our Application Programming Interface for the Internet TV space."