TiVo said it added 418,000 subscriptions through cable operators in the third quarter, its best third-quarter performance in that area ever.
The San Jose, Calif., DVR maker ended the third quarter with 5.5 million pay-TV customers worldwide, with the quarterly additions representing a 24 percent acceleration over the same period of 2014.
TiVo's revenue from servicing its more than 70 MSO clients around the world increased 60 percent year over year in the third quarter
Overall, the company reported service and technology revenue of $102.8 million, up from $88.1 million in the third quarter of last year and beating guidance of $100 million to $103 million. It was the first quarter where service revenue from TiVo's MSO sector exceeded service revenue from the company's "TiVo owned" business.
Last week TiVo's CEO Tom Rogers announced he will step down from his position after 11 years as TiVo's CEO. Rogers called the decision "deeply personal," noting that he will not miss the bi-coastal commute from his New York home to Silicon Valley. He'll assume the role of chairman for the company starting on Feb. 1.
During his tenure, Rogers noted, "TiVo has been transformed from a company many thought would not survive because it made only a single product."
A decade ago, he added, the company's MSO business didn't even exist.
On the retail side, TiVo added 11,000 subscribers in the third quarter vs. a loss of 9,000 in the same period a year ago, with the MSO attributing the growth partly to the introduction of its new TiVo Bolt DVR.
Commenting on TiVo's decision to give away ratings data from more than 2 million subscriber set-top boxes, Rogers said, "That was meant to highlight that ratings aren't what's ultimately valuable." Insight into how to target audiences is the valuable portion of TiVo's data it wishes to sell, he added.
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