TiVo, developer of a Personal Video Recorder and companion subscription Personal TV Service, reported hefty losses and modest revenue for 1999 and the fourth quarter but said the year successfully put it on the road to market success.
For the three months TiVo lost $35 million, putting its loss for the year at $67 million. Revenue was $182,000 for the quarter and $223,000 for the year.
“It’s been a great year for us,” said CEO Mike Ramsay. “We are pleased to report that the enthusiasm for our product and service resulted in approximately 26,000 Philips/TiVo receivers purchased by year end, a ten-fold increase from the previous quarter.”
Also, he said, TiVo has made strong inroads at retail, with its products and service now offered in more than 3,000 outlets, against just 520 at the start of the fourth quarter.
TiVo has partnership agreements with Philips, Sony and DirecTv, as well as with Blockbuster, Liberate Technologies, AOL, NBC, Showtime and others. “We expect to continue to develop and leverage our partnerships to expand our service, ultimately bringing the best entertainment experience to consumers,” Ramsay stated.
