MobiTV, the TV apps maker for smart phones, has pulled its initial public offering to raise up to $75 million blaming “unfavorable market conditions”.

MobiTV reported an $11.8 million loss last year even though its revenue rose 27 per cent to $85.1 million.

MobiTV must compete for customer attention with companies like YouTube and Netflix, and its business model is tied in to major MNOs for distribution. In 2011, 97 per cent of its revenue came from Sprint Nextel Corp., T-Mobile, AT&T and Verizon Wireless.

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