April 16, 2002 - San Jose, CA – TiVo (NASDAQ: TIVO), the creator and leader of television services for digital video recording, today announced that the next generation TiVo Series2 is available now exclusively at Best Buy locations nationwide and online at www.bestbuy.com for $399.99. Additionally, customers will now have the opportunity to have their TiVo Series2 professionally installed by Best Buy. Basic in-home installation will be sold for $99.99.
"TiVo has become synonymous with the best DVR's have to offer, and now not only is it easy to use, but with its retail debut at Best Buy, we've made it easier than ever to buy and install," said Brodie Keast, senior vice president and general manager of the TiVo service. "We're pleased to get this partnership with Best Buy underway, and look forward to working with the leading consumer electronics retailer to expand the TiVo community."
Best Buy is the world's leading consumer electronics retailer, with more than 492 stores nationwide. Based on the terms of an exclusive partnership both companies announced last month, TiVo and Best Buy will work closely together to drive sales of the new TiVo branded and built Series2 device.
"We're pleased to offer this innovative and exciting new TiVo DVR exclusively at Best Buy stores," said Bill Cody, vice president of Home Theater for Best Buy. "Best Buy customers are going to like what they see when they get the first look at the all new TiVo Series2 and the exciting entertainment capabilities it offers.
TiVo Series2 provides consumers with increased recording capacity at a lower cost, recording and storing up to 60 hours of programming. The Series2 will allow consumers to enjoy future entertainment services such as music, digital photos, video party games, Internet radio and broadband video in the comfort of their living room.
TiVo DVRs digitally record television programming directly onto a hard drive, eliminating the hassles of videotape. TiVo automatically records viewers' favorite TV shows, even if the network schedule changes. TiVo Series2 can also be purchased directly from TiVo at www.tivo.com.
About TiVo Inc.
Founded in 1997 with the mission to dramatically improve consumers' television viewing experiences, 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 patents 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 overwhelming growth over the past year, bringing the total subscriber base to exceed 380,000. TiVo is headquartered in San Jose, CA. Revenues for the twelve months ended January 31, 2002 were $19.4 million. Additional information can be found at http://www.tivo.com.
About Best Buy Co., Inc.
Minneapolis-based Best Buy Co., Inc. (NYSE: BBY) is North America's number one specialty retailer of consumer electronics, personal computers, entertainment software and appliances. The Company operates retail stores and commercial web sites under the names: Best Buy (BestBuy.com), Future Shop (FutureShop.ca); Magnolia Hi-Fi (MagnoliaHiFi.com), Media Play (MediaPlay.com), On Cue (OnCue.com), Sam Goody (SamGoody.com), and Suncoast (Suncoast.com). The Company reaches consumers through more than 1,900 retail stores in the U.S., Canada, Puerto Rico and the U.S. Virgin Islands. For more information on Best Buy, visit our virtual pressroom at http://onlinepressroom.net/bestbuy.
This release contains forward-looking statements, including discussion of TiVo's revenue outlook for the second quarter. 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 January 31, 2002, and our Quarterly Report on Form 10-Q for the period ended April 30, 2002, filed with the Securities and Exchange Commission. We caution you not to place undue reliance on forward-looking statements, which reflect our analysis only and speak only as of the date hereof.
TiVo is a registered trademark of TiVo Inc. in the United States and other jurisdictions. All other company or product names mentioned may be trademarks or registered trademarks of the respective companies with which they are associated.