Media Metrix Files IPO
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Media Metrix, which specializes in Internet audience tracking, plans to go public with an initial public offering valued at $48.3 million.
The company, which filed its registration statement late Wednesday, did not specify the number of shares to be offered. It plans to use the proceeds to expand internationally, fund additional product development and generate working capital. It has applied to trade under the symbol "MMXI."
Like many Internet companies, as it has grown, Media Metrix's losses have continued to escalate. Losses have grown from 6 cents a share in 1995 to 98 cents a share in 1998. In its registration filing, Media Metrix warned it expects to continue losing money for the foreseeable future.
It began operating in 1995 as the PC Meter division of market research firm NPD before becoming independent in 1996. Last November, Media Metrix completed its merger with RelevantKnowledge. The company still has a working relationship with NPD and licenses some of that firm's technology.
Media Metrix's main competitor in the market is Net Ratings, however heavyweight Nielsen Media Research has also announced plans to get into the Internet measuring game.