TiVo subs hit million mark as Virgin Media Q2 revs break £1BN barrier
Editor | 25-07-2012
Virgin Media has revealed that it is enjoying the fruits of an aggressive marketing campaign for TiVo based services which have driven its Q2 revenues to £1.027 billion.
This represented a 4.2% year on year rise for the UK cable MSO who also announced that for the quarter ended 30 June 2012, operating income was up 33% to £180 million. In addition, revenue was up 3.3% to £2.033 billion for the half-year and operating income leapt 26% year on year to £311 million over the six month period. Net income was £72 million for the half-year and £65 million for the quarter.
Virgin boasted that there were “multiple sources of high quality revenue growth” and pointed out that there was “on-going improvement” in its customers' base mix. At the heart of the revenue generation was a huge jump in the high value TiVo customer base from 261,700 to 938,800 by the end of June and past a million by mid-July. Overall the company revealed a 37,800 increase in its paying TV base and an increase of 459,800 in its very high speed broadband base of 30Mbps and above.
Commenting on the results, Neil Berkett, Chief Executive Officer of Virgin Media, said: “This has been a quarter of improved revenue and OCF growth. We are well placed to benefit from the fast-growing demand for superfast broadband and TiVo positions us well to lead the evolving TV market. Customer ARPU and churn have improved.”