For the last 10 years, Real Networks has resembled a past-his-prime boxer. Ever since the Internet world said “thanks, but no thanks” to the company’s streaming formats and yes first to Windows Media, then to Flash, the Seattle-based Internet media pioneer has been taking wild swings in hopes of connecting a knockout punch. While the company has periodically landed glancing blows — as with its lawsuit and legal settlement against Microsoft — most of the time, it swings and misses. That has been reflected in its large losses in 2008 and languishing stock price.

Real has recently thrown one last haymaker by opening up a potentially promising — and very risky — line of business.