TiVo Reports Profit, Offers Disney Rentals28 May, 2008 By: John Latchem
Things turned sunny for DVR pioneer TiVo in late May, as the company reported an unexpected first-quarter profit, and announced it would soon offer subscribers the ability to download Walt Disney Studio movies from the TV to their broadband-connected set-top boxes.
“This quarter was about improving our financial profile by managing our subscription acquisition costs [and] making progress on our key growth initiatives, such as our mass distribution strategy,” said president and CEO Tom Rogers.
For the quarter, ended April 30, TiVo reported net income of $3.6 million, compared to $835,000 during the same period in 2007.
Regarding the Disney deal, and the recent agreement to offer YouTube content, Rogers said: “These content deals, which are all expected to become available in the next few months, build on 30,000 movies and television shows from Amazon and 4 million songs from Rhapsody.”
With Disney titles will be available to rent via Disney-ABC and CinemaNow. Movies are offered for a 24-hour rental period in standard-definition, with many also available in high-def.
The service will be available to all broadband-connected TiVo Series2 and Series3 subscribers later this year. Specific titles have yet to be announced.