German video-on-demand (VoD) company media[netCom] has reported that its losses more than doubled in the six months to September 30, from Euros461,000 to Euros1.16m, due to the cost of building an infrastructure and licensing film packages.
However turnover rose by more than 1,000% to Euros1.94m from Euros141,000 in the same period the previous year.
The company's CFO Christoph Pfeiffer said the losses were lower than projected and the breakeven is forecast for the 2001/2002 financial year. Once media[netCom]'s VoD service is up and running, it will be able to exploit major film packages from mini-majors such as Kinowelt and Highlight Communications, which are also minority shareholders.
The company also announced that during the second quarter of the current financial year, it has formed alliances with cable operators and internet providers in Hamburg, Berlin, Cologne, Munich, Rosenheim and Schweinfurt.