SAN JOSE, CA (October 18, 2001) - TiVo Inc. today announced that they have signed a licensing agreement with Sony Corporation. The agreement gives Sony access to the TiVo personal digital recording technology, including recently patented hardware and software designs.
Through the agreement, Sony will license TiVo technology, allowing the company to incorporate the TiVo personal digital recording technology in various consumer electronics products where applicable, such as Digital Network Recorders.
"This new Licensing Agreement with Sony, the world's premiere consumer electronics brand, reaffirms our long term relationship and further validates TiVo’s intellectual property," said Mike Ramsay, TiVo president and CEO. "We believe this is an important step towards the proliferation of the TiVo technology and service and will result in exciting products for consumers around the world. Further, this agreement forms the corner stone of our strategy to license technology to consumer electronics companies and service providers for the purpose of creating an open standards platform for digital video recorders (DVR)."
Ramsay continued, "The agreement will enable TiVo to place its service on Sony digital recording devices thereby creating a broader market for the TiVo service and the growth of the TiVo subscriber base."
This licensing agreement combines Sony's leadership for innovation and consumer design with the revolutionary digital recording capabilities of TiVo. This combination will create new kinds of consumer products and services that will bring more TV entertainment choice to consumers.
Previously, TiVo and Sony Corporation of America , the holding company for all Sony’s North American-based electronics and entertainment operations, entered into an initial relationship in September 1999. That ongoing relationship has resulted in the development of Sony Digital Network Recorders with the TiVo Service. Sony Electronics Inc., the U.S. electronics operating company, began marketing Digital Network Recorders with the TiVo service in the summer of 2000 and began distributing Sony DIRECTV Receivers with integrated TiVo service last November. Sony is also an investor in TiVo Inc.
About TiVo Inc.
Founded in 1997 with the mission to dramatically improve consumers' television viewing experiences, TiVo (Nasdaq: TIVO) is the creator of and undisputed leader in television services for digital video recorders (DVR). TiVo’s leadership has defined and inspired the entire category, earning the company a patent for pioneering inventions associated with DVR software and hardware design. TiVo was the first to deliver on the promise of consumer choice and control over TV viewing, building a loyal and passionate subscriber base with over 97% of customers recommending TiVo to a friend. This enthusiasm has contributed to an overwhelming 300% growth over the past year, bringing the total subscriber base to exceed 200,000.
Today, the TiVo Service is available in the United States on the Philips Personal TV Recorder™ and the Sony Digital Network Recorder ™ and DIRECTV Receivers with TiVo in nearly 3500 consumer electronics retail and online outlets and in the UK under the Thomson Scenium brand. TiVo is headquartered in San Jose, CA. Revenues for fiscal year ended December 31, 2000 were $3.6 million. Additional information can be found at http://www.tivo.com.
This release contains forward-looking statements, including those pertaining to the licensing agreement with SONY CORPORATION. You can identify forward-looking statements by use of forward-looking terminology such as "believes," "anticipates," "expects," "plans," "may," "will," "intends" or the negative of these words and phrases or similar words or phrases. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Such forward-looking statements have known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied by such forward-looking statements. Actual results could differ materially from those set forth in such forward-looking statements. Factors that may cause actual results to differ materially include delays in development, competitive service offerings and lack of market acceptance, as well as the "Factors That May Affect Future Operating Results" and other risks detailed in our Annual Report on Form 10-K for the period ended December 31, 2000, the Transition Report on Form 10-K for the period ended January 31, 2001, and the Quarterly Report on Form 10-Q for the period ended July 31, 2001, filed with the Securities and Exchange Commission. We caution you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof.
This release may contain forward-looking statements regarding TiVo's business, customers or other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those, expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include delays in development, competitive service offerings and lack of market acceptance, as well as the "Factors That May Affect Future Operating Results" and other risks detailed in our Annual Report on Form 10-K for the period ended December 31, 2000, the Transition Report on Form 10-K for the period ended January 31, 2001, and the Quarterly Report on Form 10-Q for the period ended October 31, 2001, filed with the Securities and Exchange Commission. We caution you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof.
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