TiVo grew its total subscription base in the first quarter of the year, adding a further 524,000 households.
It’s EBITDA loss of $10 million represents a significant year on year upgrade on last year when the company was impacted by its DISH Network settlement. Net losses reached $20.8 million.
Significantly, Service & Technology revenue was $54.5 million, up 40% year-over-year.
Tom Rogers, President and CEO of TiVo, said, “Our first quarter represented a solid start to the year for TiVo with our results in line with our financial outlook and as we continued to execute on our key objectives. Global adoption of TiVo progressed as we grew our subscription base 27% year-over-year, or by 524,000 subscriptions.”
Internationally, TiVo’s pay-TV business continues to deliver for Virgin Media and ONO. Broadband TV News understands that a third European operator may be added in the near future.
“Virgin Media continues to be a wonderful example of how strategically important our product has been in bolstering pay-TV offerings,” added Rogers. Virgin Media recently reported it added another 242,000 TiVo subscribers, bringing the total to 677,000, or 18% of its entire base in just over a year’s time. Virgin Media is growing its pay-TV subscriber base faster than its key competitors, which is a significant reversal in trends and remarkable given the tough economy in the United Kingdom.”
Rogers said this was evidence that TiVo is fueling a substantially improved competitive position for Virgin Media.