TiVo Inc. reported growth in services and technology revenue at the upper end of expectations as the digital video recorder pioneer continued to add subscribers. For the current quarter, TiVo forecast earnings of $2 million to $5 million and service-and-technology revenue of $87 million to $90 million.
TiVo’s subscriber base has continued to expand with a boost from more distribution agreements with pay-TV providers such as Virgin Media, with total subscriptions reached more than 5.1 million, up 32% from 3.9 million a year earlier.
In an interview Chief Executive Tom Rogers said North American pay-TV subscribers climbed 69% and that the company is serving 19 of the 25 top operators in the U.S. Overall, the company added 337,000 pay-TV-carrier subscribers, an increase of 14% from a year earlier, while pay-TV carrier-related revenue rose 37%.
At the upper end of the market, the company’s $5,000 Mega TiVo for US customers “will be out probably in the second quarter of next year, “ he said.