TiVo has published its third quarter results with an 18% rise in its service and technology revenue.
While new partners Mediacom, Midcontinent, and Cable ONE have been brought on board, the innovation being delivered by Virgin Media and being prepared by Sweden’s Com Hem is starting to show.
We are continuing to see impressive subscription growth,” said TiVo’s Tom Rogers. “In fact, several of our partners beyond Virgin Media have achieved a double-digit percentage TiVo penetration of their subscriber base as our product has become a key differentiator for their offering, which in addition to helping bolster customer acquisition is reducing churn rates and improving revenue per subscriber”.
Virgin Media is extending the TiVo experience beyond the set-top box by delivering video through an IP network from the cloud to a variety of devices. Similar plans are on the roadmap for Com Hem in what will be TiVo’s first IPTV implementation. Com Hem will offer TiVo both in its traditional form and directly from the cloud to connected devices without the need for a set-top box. “We believe this cloud implementation will further increase the appeal of TiVo to pay-TV operators across the globe and will allow these operators to offer a superior television experience without the need to incur significant capex from set-top box purchases,” said Rogers.
Third quarter, service and technology revenues increased 18% to $61 million (€47.45 million). TiVo reported net income of $59.0 million, compared to a net loss of $24.5 million in the same quarter last year.
