TiVo subscription numbers hit 4.2 million

DVR maker TiVo said that total subscriptions to its service have climbed 34% year-on-year to 4.2 million.

Announcing its fiscal fourth quarter and full-year results for the period ending January 31, TiVo said it continued to see acceleration in multi-system operator (MSO) additions, adding a record 313,000 cable MSO subscriptions in Q4.

“In Spain, we’ve seen significant success with our partner ONO, which recently announced that the TiVo product has now reached more than 323,000 active users, a growth of 65,000 subscribers in just the last quarter,” said TiVo president and CEO Tom Rogers.

“In Sweden, Com Hem reported 38,000 TiVo subs, with the service already reaching 6% of their customers in just three months following launch, which was faster than the time it took Virgin and ONO to reach those same levels.”

In the UK, Virgin Media now has more than two million TiVo customers since the launch of the service there in December 2010, Rogers added.

In the quarter, TiVo reported revenues of US$106 million (€76.9 million). This compares to revenues of US$88.9 million in the same quarter last year and was helped by record service and technology revenues of US$84.0 million in the fourth quarter – an increase of 28% year over-year.

Q4 net income was US$710,000, compared to a loss of US$15.8 million for the same quarter last year. Fourth quarter adjusted EBITDA was US$19.6 million, exceeding guidance.

“This was another solid quarter for TiVo and a very strong end to a year in which we delivered positive net income for the full fiscal year, robust adjusted EBITDA growth over the course of the year, and the best year of subscription additions since fiscal year 2005 through new deals with major service providers across the globe,” said Rogers.