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Bruce, I agree essentially with that view. However, there are some differences between SPYG and a typical software firm. SPYG sells to vendors, people with web sites, or other providers of information, information filters, or formats for displaying information. They don't sell to individual users as much as to a group. So if I want to access an Internet site with a cell phone, the necessary software is already part of the web site. Instead of selling millions of software rights to each user, SPYG sells to handfuls of information providers - which may not be as profitable. Initially, SPYG was selling to individuals, but after they made a deal with Microsoft, in which Microsoft supplied their stuff free of charge, SPYG was then in a position similar to Netscape after MSFT began providing its own browser free of charge. I think the low price reflects some of these concerns. But the expanding business that SPYG is getting in a variety of areas, including web TV, small screeen displays, etc., suggests that they have a decent business plan. |
