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RealNetworks, Inc. (Nasdaq: RNWK) has completed the sale of Rhapsody International, which operates as Napster, to MelodyVR Group PLC. The transaction, valued at approximately $70.6 million, included $15.0 million in cash, $11.6 million in MelodyVR stock, and the assumption of $44.0 million in payment obligations. This sale is expected to strengthen RealNetworks' balance sheet and allow focus on its machine learning businesses, SAFR and Kontxt, and the GameHouse casual games division. Forward-looking statements highlight potential risks and uncertainties related to expected benefits from the transaction.
RealNetworks (RNWK) announced on December 23, 2020, the granting of approximately 1.1 million restricted stock units (RSUs) to a new employee under its 2020 Inducement Equity Plan. This plan allows equity awards for new hires as an incentive for joining the company. The RSUs include a sign-on bonus of 135,005 shares, which will vest on August 17, 2021, and a new-hire equity award of 1 million shares, vesting 40% on August 17, 2022, another 40% on August 17, 2024, and 20% on August 17, 2025, contingent on continued employment and performance metrics related to stock price.
RealNetworks (NASDAQ: RNWK) launched MaskCheck™, a free app and data platform focused on face mask compliance to aid communities and businesses in safely reopening amid the COVID-19 pandemic. This service provides real-time data to public health officials, helping to enforce mask mandates effectively. MaskCheck uses AI to assess compliance and compile anonymous data, ensuring accuracy. Supported by the COVID-19 International Research Team, MaskCheck aims to enhance public safety and assist in combating the spread of the virus.
On December 15, 2020, the COVID-19 International Research Team partnered with RealNetworks to launch the MaskCheck app, enhancing face mask compliance. Available for free on Android and iOS, MaskCheck uses AI to assess mask usage in real-time, providing crucial data for communities and businesses to encourage compliance and improve safety. The app follows CDC guidelines advocating universal mask usage. MaskCheck aims to combat COVID-19 by offering accurate behavioral data, supporting public health efforts, and informing policy decisions.
RealNetworks (NASDAQ: RNWK) has partnered with Setelsa Security to enhance secure access solutions using SAFR's advanced facial recognition technology. This collaboration targets clients in the UK, Spain, Portugal, Mexico, and Argentina, particularly in the banking sector. SAFR offers high recognition accuracy, exceeding 98.85% even with masks, and incorporates liveness detection to thwart identity spoofing. This deployment is a strategic move to expand SAFR's footprint in secure access solutions while addressing growing security demands in various industries.
RealNetworks, Inc. (RNWK) has partnered with German tech firm G2K Group GmbH to enhance real-time video analytics through SAFR, featuring advanced capabilities like face and mask detection. This collaboration successfully enabled over 15,000 fans to safely attend the UEFA Super Cup Final 2020 by implementing entry screening technology for COVID-19 precautions. The SAFR-enabled Parsifal platform performed rapid fever scans and alert notifications, marking a significant achievement in public safety at large events during the pandemic.
RealNetworks, Inc. (Nasdaq: RNWK) announced its Q3 2020 financial results, reporting revenue of $16.6 million and a net loss of $(3.2) million. Games revenue grew 6% year-over-year due to a successful free-to-play strategy. The company achieved its fifth consecutive quarter of improvement in adjusted EBITDA, which recorded a loss of $(1.9) million. The anticipated $70 million sale of Napster to MelodyVR is set to close in Q4 2020. Unrestricted cash totaled $13.2 million as of September 30, 2020.
RealNetworks (NASDAQ: RNWK) has launched SAFR 3.0, enhancing face detection and recognition accuracy for masked and unmasked individuals. This update achieves an impressive 95.1% detection rate and 98.85% recognition accuracy for faces wearing PPE masks in surveillance videos. Furthermore, a new mask detection dashboard allows customers to track mask usage by age, gender, and location. NTT DOCOMO, a partner in the Japanese market, anticipates improved safety and security solutions using SAFR's latest functionalities.
On October 14, 2020, Otay-Tijuana Venture LLC announced the integration of RealNetworks' SAFR® video analytics technology at Tijuana International Airport's Cross Border Xpress™ (CBX). This partnership aims to optimize operations and enhance passenger flow for the millions crossing the border. Julio Armentariz, CTO of CBX, praised SAFR's performance and the operational insights it provides. Features like mask detection have been implemented to ensure COVID-19 compliance, while SAFR's advanced face recognition capabilities position it as a leader in operational efficiency.
RealNetworks, Inc. (Nasdaq: RNWK) will report its third quarter 2020 financial results on November 3, 2020, following market closure. A conference call is scheduled for 1:30 p.m. PT/4:30 p.m. ET the same day. Participants can join via phone or access the live webcast on the Investor Relations site. The earnings call will be available for replay until November 24, 2020. The company continues to focus on digital media innovations powered by artificial intelligence and machine learning.
