Netgem highlights VideoFutur growth ahead of spin-off

French set-top provider Netgem’s content and services arm, primarily comprising VideoFutur, which last year launched Galaxy, a video-on-demand and DVD rental service based on rechargeable smartcards, turned in revenues of €14.9m for 2009, up 72% year-on-year.

The company plans to spin off VideoFutur at the end of January, which will enable it to deconsolidate losses due to development costs.

Netgem as a whole reported full-year revenues of €146.2m, up 46%, boosted by its supply agreement with French quad-play provider SFR and contracts with Australia’s Telstra and Monaco Telecom. In addition to a heightened international focus, Netgem said it was also studying possiblities for partnerships with consumer electronics companies to develop integrated products.