It’s not easy being TiVo (s TIVO) these days. The company reported first quarter earnings yesterday, which included a widening loss and a continued decline in its subscriber numbers, despite the fact that it released the latest version of its DVR, the TiVo Premiere, during the quarter.
While the company reported higher revenue numbers, collecting $61.4 million in the first quarter, compared to $55.1 million in the prior year period, its quarterly loss ballooned to $14.2 million, up from a loss of $3.9 million a year earlier. TiVo has posted a loss in each of the last six quarters, but over the last two quarters those losses have been widening.
Not just that, but the company continued to hemorrhage customers, with gross additions slipping and total subscribers dropping even further. The loss of subscribers has become a trend for TiVo, which has seen the number of customers who pay to use its service fall for the last several years. That decline has been especially steep over the last 18 months, over which time TiVo has dropped from about 3.3 million to 2.5 million.
The decline in subscribers comes despite the release of its TiVo Premiere DVR, which it began selling in late March. Since the TiVo quarter ends April 30, the Premiere had a full month of sales during the quarter. But even with a new product, the company couldn’t sign up enough new customers to make up for those that left the service.
For TiVo, that’s bad news, particularly with new competition in the market for integrated broadcast and broadband TV devices coming from Google TV. The release also came a few weeks after a federal appeals court called for an en banc review of a previous court decision ruled in its favor.
Related content on GigaOM Pro: TV Apps: Evolution from Novelty to Mainstream (subscription required)