REALNETWORKS HOLDS ANALYST AND INVESTOR MEETING TODAY

Company Affirms Second Quarter Guidance

New York City, May 25, 2004 — Today RealNetworks®, Inc. (Nasdaq: RNWK), the global leader in digital media services and software, is holding an Analyst and Investor Meeting in New York at the Westin Times Square. At the meeting, the company will affirm guidance for the second quarter of 2004. Investors and prospective investors are invited to join the meeting live from http://www.realnetworks.com/company/investor/events.html.

Second Quarter Guidance: Net revenue for the second quarter is expected to be between $63 million and $65 million, representing between 27% and 31% growth over the second quarter of 2003. GAAP quarterly loss, which includes an estimated $3 million expense relating to antitrust litigation, is expected to be between ($0.03) and $(0.04) per share. The quarterly net loss excluding antitrust litigation expenses is expected to be between ($0.01) and ($0.02) per share. The Company expects to reach quarterly profitability, excluding expenses relating to antitrust litigation, by the end of 2004. This guidance excludes any changes related to the Company’s ownership interest in MusicNet.

For More Information Contact:
Erika Shaffer, RealNetworks, 206-972-5514, eshaffer@real.com

ABOUT REALNETWORKS
RealNetworks, Inc. is the leading creator of digital media services and software including the award-winning Rhapsody Internet jukebox service and RealPlayer 10. Consumers can access and experience audio/video programming and download RealNetworks' consumer software at http://www.real.com. Broadcasters, network operators, media companies and enterprises use RealNetworks' products and services to create and deliver digital media to PCs, mobile phones and consumer electronics devices. RealNetworks' systems and corporate information is located at http://www.realnetworks.com.

RealNetworks and Rhapsody are trademarks or registered trademarks of RealNetworks, Inc. All other trademarks are the property of their respective owners.

This press release contains forward-looking statements that involve risks and uncertainties, including statements relating to: the expected revenue; net income, revenue per share, the expense related to antitrust litigation; and our ability to reach quarterly profitability excluding litigation expenses in 2004; and RealNetworks’ independent decisions, from time to time, based on all factors it deems relevant, whether to repurchase shares under its stock buyback program. More information about potential risk factors that could affect RealNetworks’ business and financial results is included in RealNetworks’ annual report on Form 10-K for the year ended December 31, 2003, and its quarterly reports on Form 10-Q and from time to time in other reports filed by RealNetworks with the Securities and Exchange Commission.