Macromedia unveils Flash update

NEWS Macromedia this week released the latest version of its popular Flash player, aimed at the corporate market in next-generation web design. Version five of the graphics and animation program provides developers with XML support and ActionScript - a JavaScript-like language for creating interactivity - which, according to the company, can dramatically reduce development time. In a statement, Rob Burgess, Macromedia chairman and CEO, said: "Macromedia Flash is an entire movement - and this is just the beginning. "From USA BancShares to David Lynch to brands like Volkswagen and Tiffany & Co, the Flash community is being built by people who want to create more engaging and effective web experiences. Macromedia Flash 5 helps get them there." Despite announcing record revenues of $95m for the first quarter this year, the company's stock crashed 45 per cent late last week after analysts expressed concern for the company's future.