TiVo reports strongest subscriber growth in 10 years

TiVo now has more than 5.5 million multi-system operator subscriptions for its TiVo offering after experiencing its “strongest growth in 10 years” for the third quarter ended October 31.

TiVo said it added 418,000 MSO subscriptions for its traditional TiVo offering, up 24% year-over-year and 47% compared to the previous quarter.

Total TiVo subscriptions, including from those that own their TiVo box rather than lease it from an operator, now stand at approximately 6.5 million, up 26% versus a year ago.

“On the international MSO front, we reached over four million subscriptions, driven by strong results from Vodafone Spain and Virgin Media. We also reached a new deal with Millicom, a global provider of wireless and wireline communication services to over 50 million subscribers,” said TiVo CEO Tom Rogers.

He added that TiVo had made “strong progress with Cubiware” – a company that TiVo acquired in May and provides software for emerging market pay TV operators – following deals with Supercanal in Argentina and MultiMedia Polska in Poland.

“In North America, we had another strong quarter with MSO cable subscription net additions growing 44% year-over-year as we are now deploying the TiVo experience across more than 15 mid-sized operators,” said Rogers.

For the quarter, TiVo reported record service and software & technology revenue of US$102.8 million, an increase of 17% year-over-year. Net revenue, including hardware revenue, was US$132.3 million, compared to US$118.4 million a year earlier.

Adjusted EBITDA for the quarter was US$29.3 million, compared to $27.7 million in the same quarter last year.