Cable connections drive TiVo

November 27, 2013 08.40 Europe/London By Julian Clover

TV3alaractaonTivoIncreasing numbers of cable customers taking the TiVo service helped deliver a 34% year-on-year increase in revenues within its Service & Technology segment.

Almost half of Virgin Media’s subscribers are now hooked up to TiVo with the operator-spreading out from the initial premium subscribers. There has also been a new European launch at Com Hem in Sweden – following an earlier launch at ONO in Spain – as well as new additions in North America.

MSO additions of close to 300,000 represent the strongest quarter of cable subscription additions to date.

Total TiVo subscriptions now stand at approximately 3.9 million, up 32% year-over-year.

Tom Rogers, President and CEO of TiVo, said, “Our success to date has come as a result of TiVo’s ability to constantly evolve through innovation — whether this evolution is in the context of the retail product or for our MSO partners. Over the last several quarters, we have made significant progress on our three stages of product development focus – organisation, mobilisation and personalisation, the combination of which makes for a very unique product offering.”

Third quarter, service and technology revenues were $81.7 million. This compares to $61.0 million for the same quarter last year, where the balance sheet was boosted by $78.4 million from the Verizon intellectual property settlement. The company reported net income of $12.5 million, compared to a net income of $59.0 million in the same quarter last year. Adjusted EBITDA was $23.8 million, compared to $71.9 million for the same quarter last year.