TiVo Third Quarter Subscription Growth Doubles
Expects Continued Growth Momentum this Holiday Season
• TiVo subscription base reaches 2.3 million, twice the level of a year ago;
• Service revenues grew 73% over Q3 of last year;
• New DVD recorders, new service offerings, $99 offer, and advertising expected to drive record holiday demand
TiVo, the creator of and a leader in television services for digital video recorders (DVRs), reported that it added approximately 419,000 total subscriptions in the third quarter, over twice the number it added in Q3 of last year. In the past twelve months, the Company’s total installed base has more than doubled to approximately 2.3 million.
Service revenues for the quarter were $27.7 million, a 73% increase over Q3 of last year. Net loss for the quarter was ($26.4) million, or ($0.33) per share, compared to a net loss of ($7.4) million, or ($0.11) per share, for the three months ended October 31, 2003. The increase in net loss and net loss per share for the quarter reflects the Company’s previously announced investment in subscription acquisition activities to accelerate subscription growth during fiscal year 2005.
Q3 Subscription Growth Fueled by TiVo’s Strong Brand Position in Retail
TiVo added approximately 419,000 total net new subscriptions in the quarter. Of this total, approximately 316,000 resulted from TiVo’s relationship with DIRECTV, growth of 111% compared to last year’s Q3. New TiVo-Owned subscription additions in Q3 were 103,000, representing an increase of 75% compared to Q3 of last year.
“The overall subscription growth demonstrates that the demand for TiVo is strong, and the combined retail channel is thriving,” commented Mike Ramsay, Chairman and CEO of TiVo. “Today, TiVo is available in over 4,000 retail stores, and features a broad selection of DVRs at attractive pricing, making TiVo the must-have gift for consumers this holiday season.”
