Time Warner Inc.'s America Online and IAC/Interactive Corp. are two of the many big names lined up behind Brightcove, a new start-up developing Internet television technology. Brightcove's tools are
interesting to investors because they give owners of movies, TV programs and other video content a way to sell directly to consumers on the Internet without having to go through cable, satellite or
phone companies. Consumers either buy the content through subscriptions or by downloading. Brightcove also offers content owners ways to sell advertising and/or syndicate their content through revenue
share agreements with other Web sites. As of today, Brightcove's major distribution partner is AOL, which gives programmers access to millions of potential viewers. AOL is also Brightcove's largest
investor; Interactive CEO Barry Diller today joined Brightcove's board following a $16 million round of funding. Hearst Corp. and investment banking firm Allen & Co. LLC are among the company's other
principal investors. Brightcove was founded by Jeremy Allaire, an Internet entrepreneur who played a leading role in developing Macromedia's popular Web video software, Flash.
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