M+E Daily
TiVo Posts Major Q2 Revenue Uptick
Story Highlights
The successful integration of TiVo’s products and brand into the company that once was Rovi, along with a series of successful pay TV and consumer electronics deals, helped the company post second-quarter revenue of $208.6 million, a 67% increase year over year.
Nearly $95 million of that revenue came via the company’s third-quarter 2016 acquisition of TiVo, but new licensing deals also helped the company’s bottom line, according to CEO Tom Carson, who announced his retirement in late May.
“We signed deals and launched products in pay TV, OTT and mobile, during the quarter, including product deals with Millicom, Cable Onda and Service Electric [along with] IP licensing deals with Frontier, Foxtel, Funai [and] TCL … . Our integration efforts of TiVo have been successful and we’re nearing completion against our financial synergy targets,” Carson said during an earnings call with investors.
As of the end of the second quarter, ended June 30, approximately 23 million pay TV households worldwide are using TiVo’s technology, and the deals the company made during the quarter should see that number grow overseas: the Millicom deal has the telecommunications and media company offering TiVo’s digital adapters and gateway DVRs to customers in South and Central America, while Panamanian TV service provider Cable Onda will offer its customers the same.
“Our second quarter accomplishments build on recent product successes, [including] next-generation TiVo user interface and network DVR,” TiVo COO and EVP Pete Thompson said. “These innovations enable our customers to more rapidly adapt to the evolving marketplace by bringing the next generation TiVo user experience to lower cost IP in mobile devices.”
