TiVo take-up reaches record level
May 23, 2014 09.37 Europe/London By Chris Dziadul
TiVo Com HemTiVo subscriptions at the end of April stood at over 4.5 million, the highest in the company’s history.
In its latest set of results, for the quarter ending April 30, TiVo says that its service and technology revenues in the quarter amounted to $86 million, up 39% year-on-year.
Adjusted EBITDA was $26.9 million, exceeding guidance, and net income, also exceeding guidance, was at $8.1 million up $18 million year-on-year.
TiVo also says that record cable subscription additions contributed to the net 341,000 MSO subscriptions added in Q1.
Commenting on European markets, Tom Rogers, president and CEO of TiVo, said: “More specifically, in Spain, our partner ONO recently announced that the TiVo product has reached more than 382,000 active users, a growth of 59,000 subscribers in just the last quarter.
“In Sweden, Com Hem reported 74,000 TiVo subscribers, an increase of 36,000 subscribers over last quarter. Anders Nilsson, Chief Executive Officer of Com Hem, said during a recent earnings call that the TiVo rollout has become the fastest penetration yet among TiVo’s international partners with 12% of their digital TV customers already subscribing. Nilsson added, ‘With the introduction of TiVo, and the rights we have cleared, we have the only next generation TV service in the country.’
“Tom Mockridge, CEO of Virgin Media, which recently reported 2.1 million TiVo subscribers that now reach almost 60% of U.K. cable households, said in a recent news article that ‘TiVo offers an unmatched user experience with intelligent search and recommendations helping viewers discover great entertainment, resulting in our customers watching more TV than before.’