Internet TV Poster Company

Another big congratulations and another big payday for internet video companies. Well done to Olly and the guys at Perform for a truly spectacular listing on the London market. 8x revenues and 50x profits is an amazing valuation, placing the company at around £500m even after factoring in some inevitable slippage after the placement.

I have to admit that the business remains opaque to me - it is certainly dependent on the gambling industry and has to be truly admired for finding a business model beyond video ads and pay per view, but how it has reached an eight figure revenue in the UK is astounding.

Clearly, it has taken focus, great insight and brilliant management.

I'm not sure if they were best advised by Credit Suisse, and the initial valuation will be a burden at these multiples. A public listing is a parallel universe, as I know too well, and can really break the momentum of a company at the wrong point.

It will be fascinating to see what Perform does next, since they clearly have some firepower and ability to buy online rights against traditional 'tv everywhere' rights owners.

Still, this is a huge validation for online tv services.