TiVo Inc. reported Wednesday first-quarter revenues of $424,000 in subscriptions and a net loss of $24 million due to marketing and expansion costs. Its digital video recorder has now sold 35,000 units.
The San Jose, Calif.-based company said that during the period ended March 31, its service — which enables users to record programming to a hard drive and pause, rewind and fast-forward live programming, among other features — grew its subscribership 77% over the last quarter.
At that time, the company generated revs of $182,000 and a net loss of $5.5 million. It reported sales of 12,000 units in the quarter.
“We are pleased with our continued momentum in the emerging personal TV market,” said Mike Ramsay, TiVo’s prexy and CEO. “Despite a seasonally down quarter for the consumer electronics industry, we’ve seen significant growth in our business.”
TiVo should continue to see its numbers grow as it sells more Philips- and Sony-built set-top boxes at reduced prices, deploys in the United Kingdom via BSkyB, and bows its software offerings as part of DirecTV and AOL TV.
Company expects revenue increases via recent content distribution deals with Blockbuster and MGM.
Shares of TiVo were unchanged, ending the day at $20.19.