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Hitouch owns 80 percent of the shares of the joint venture called WebChannels Ireland. WebChannels UK, a daughter company of the Interactive1 Digital Media group, owns the remaining 20 percent of the shares. The joint venture will initially employ three people.
According to Hitouch the joint venture is the next step in its strategic partnership with Interactive1, which provides the company with access to complementary technological capabilities in digital media research and development. Both companies are working together to develop new digital media technologies in the years ahead.
The European Union has recently published a Green Paper, which proposes to oblige companies to put video and audio content on the Web of any event that is likely to influence share prices, according to Declan Matthews, head of WebChannels Ireland. "New legislation is imminent," he said, "so there is definitely an opportunity for growth."
Examples could be shareholders meetings or presentations of quarterly financial results. Participants will be able to vote and post questions to the board via the Internet.
Matthews said he believed that the terrorist attacks in the US have led to an increased interest in the company's product. "People are reluctant to travel, and with WebChannels they can communicate effectively without having to travel." He added that WebChannels could also provide webcasts of transatlantic board meetings.
Similar techniques are already widely used in the US and the UK, but very few Irish companies currently use Internet based streaming audio and video services, according to Matthews.
In fact, last week Yahoo launched a webcasting service that will allow companies to air conferences and corporate events to on-line viewers. Yahoo's service will offer companies two packages, including Virtual Conference, which will provide live or on-demand viewing for large audiences in remote locations.
Yahoo's second service, Executive Communication Center-Breaking News Channel, will act as a fast breaking news channel, allowing companies to hire bandwidth for Webcasting breaking news events. Companies can expect to pay USD350,000 for a Virtual Conference package of five webcasts. The news channel service will cost USD250,000.
Hitouch was established in 1998 and is based in the Trinity Enterprise Centre in Dublin. The company provides advanced new digital media technologies.
For more info: http://www.WebChannels.ie (to be launched Monday) and http://www.hitouch.com
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