Broadcast.com
An internet radio company.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| N/A | €0.0 | round | |
$5.7b | Acquisition | ||
| Total Funding | 000k | ||
Broadcast.com, initially launched as AudioNet in 1995, was a pioneering internet broadcasting company that laid the groundwork for modern streaming services. The venture originated from a simple desire shared by founders Mark Cuban and Todd Wagner: to listen to Indiana University basketball games online from Dallas. This personal interest evolved into a platform that aggregated and streamed various audio and video content over the internet, a novel concept when most users were on dial-up modems. The company was officially founded by Cameron Christopher Jaeb in 1989 as Cameron Audio Networks, with Cuban and Wagner investing and taking over operations in 1995, renaming it AudioNet.
Mark Cuban's journey began with MicroSolutions, a software reseller he sold in 1990 for $6 million. This success provided him with the capital and experience that proved instrumental for his next venture. Wagner, an attorney and fellow Indiana University alumnus, shared Cuban's vision for delivering live and on-demand content over the web. Together, they transformed AudioNet from a niche sports-focused service into a comprehensive media aggregator. The business model centered on acquiring the rights to broadcast a wide array of content, including live sporting events, radio stations, corporate events, and news coverage from sources like the BBC and CNN. Revenue streams included advertising and providing corporate communication services, such as broadcasting conference calls for other companies.
The company's service was groundbreaking, offering live and on-demand access to a vast library that included 448 radio stations, 65 television stations, 1,500 films, 1,600 audiobooks, and content from 450 college and professional sports teams. In 1998, AudioNet rebranded as Broadcast.com and went public with a record-setting IPO; its stock price surged 250% on the first day of trading. A significant milestone was the live streaming of the Victoria's Secret Fashion Show in 1999, which attracted over 1.5 million viewers and showcased the platform's potential. This event, along with its expanding content library, solidified Broadcast.com's position as a leader in the burgeoning internet streaming market. In April 1999, at the height of the dot-com boom, Yahoo acquired Broadcast.com for $5.7 billion in stock, making Cuban and Wagner billionaires. Following the acquisition, the service became Yahoo! Broadcast Services, but it was eventually discontinued in 2002.
Keywords: internet radio, video streaming, live sports streaming, dot-com boom, AudioNet, Mark Cuban, Todd Wagner, Yahoo acquisition, online broadcasting, IPO, media aggregation, streaming media pioneer, digital content, webcasting, corporate webcasts, internet history, tech entrepreneurship, online entertainment, digital media history