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Set to lose Angry Birds, Brightcove stock drops

GUS RUELAS/REUTERS

Large Angry Birds balloons are carried down Hollywood Boulevard during the 82nd Annual Hollywood Christmas Parade in Los Angeles last year.

Shares of Brightcove Inc., a Boston company known for its Internet video platform and online video tools, fell Friday, a day after its chief executive said he expected that Brightcove would soon lose the business of the company known for Angry Birds, the wildly popular mobile game.

On the Nasdaq, Brightcove shares closed at $6.38, down nearly 38 percent.

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During a Thursday conference call with investors regarding the company’s second-quarter results, Brightcove chief executive David R. Mendels said that he does not expect Rovio, the Finnish company behind Angry Birds, to renew its contract with Brightcove. The contract expires in late August. Rovio plans to handle its digital content delivery needs in-house, Mendels said, adding that Rovio accounted for 3.8 percent of Brightcove’s revenue in the first half of the year.

Brightcove has a number of media customers, including The Boston Globe.

Chris Reidy can be reached at reidy@globe.com.
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