TiVo has seen the future and it is streaming.
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The one-time heralded technology that sent millions of VCRs to the scrap heap, wants to better integrate all of the new streaming services coming online with its recording TV console. Such a move could create additional sources of revenue other than monthly subscriptions, such as advertising.
TiVo's CEO, Dave Shull said he wants to split him company, creating a spinoff of TiVo’s patent portfolio and the streaming strategy, Bloomberg reported Tuesday. The split is reportedly expected to be completed by mid-2020, with the spinoff company taking most of TiVo’s debt and tax credits, according to the outlet.
To capture some of the streaming market share, TiVo will debut in October TiVo Plus. This new product is expected to improve how the company’s TV console works with streaming services like Netflix and Hulu.
Shull reportedly also said he wants to see an improved interface and he wants to look into other forms of revenue other than monthly subscriptions, Bloomberg reported.
TiVo created the first digital video recorder (DVR) in 1999 and developed one of the first interactive-television systems for consumers, according to the company’s website.
The company has also struggled with lawsuits, as its patent portfolio has sued TV manufacturers and cable providers who are designing products that are similar to TiVo, according to the outlet.
However, Shull hopes that a spinoff and new products will bring the company back to life.
Before taking the role of president and CEO at TiVo, Shull was the CEO of The Weather Channel from 2015 to 2018 and spent six years at Dish Network, according to his LinkedIn profile.