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TiVo narrows loss, reaches 500,000-sub milestone

Thu, 11/21/2002 - 7:00pm
Duffy Hayes

Fed by a growing number of subscribers to its digital video recording service, DVR market leader TiVo Inc. said losses narrowed and revenues rose in the third quarter.

TiVo's net loss was $11.5 million, or 23 cents a share-an improvement over a net loss of $34.5 million a year earlier. The company also reported a jump in service and technology revenue, growing to $12.7 million for the quarter, a 139 percent increase from $5.3 million a year earlier.

The positive numbers were specifically tied to subscriber growth for TiVo's video recording service; TiVo announced a net increase in subscribers of 46,000, raising the total number of TiVo subs to about 510,000.

However, half a million TiVo users is hardly a number constituting a mainstream adoption of the technology, and TiVo has recently been on an integration path with other CE devices to get its technology in front of more users. To that end, TiVo recently added Toshiba to that integration list, which also includes Sony Corp. and Philips. Also new-just in time for the holidays-are TiVo-capable digital satellite receivers for the DirecTV Inc. satellite service.

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