Virgin Media added 171,900 TiVo customers in Q1,...
Virgin Media added 171,900 TiVo customers in Q1, increasing the DVR service’s penetration to 40 percent of its installed base and helping stem the loss of pay-TV customers, the company said. Virgin ended Q1 with 1.5 million TiVo subscribers, a…
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“slight” majority of which are new to the cable service, CEO Neil Burkett said on an earnings call. TiVo had 35 percent Virgin penetration in Q4. Virgin’s pay-TV churn improved to 1.1 percent from 1.2 percent the previous quarter. Virgin’s pay-TV customers increased by 13,700 to 3.3 million, Virgin said. Virgin’s cable broadband customers grew to 4.3 million in Q1 from 4.14 million the same quarter a year earlier, with 58 percent taking service with 30 Mbps and faster speeds, the company said. As Virgin promotes TiVo and moves some features to the cloud for use in its TV Everywhere service, it’s cutting back its free TV service tier. Virgin’s Q1 net income grew to $212 million as total revenue increased 3.6 percent to $1.59 billion. Selling, general and administrative expenses rose 1.8 percent from a year earlier, mainly on the $12.2 million spent on its proposed sale to Liberty Global. Liberty and Virgin haven’t set a closing date on the sale. Virgin is “continuing to have conversations” with Liberty and “we're starting to understand each other more,” Burkett said on the earnings call.