Interactive television software company OpenTV has announced increased revenue and reduced operational losses. Announcing results for the first quarter of 2004, OpenTV reported revenue up 14% to $17.4 million on the same period in the previous year, with loss from operations down 56% to $8.9 million.
“We are very pleased with our continued revenue growth during the quarter and ongoing successes in managing our expenses,” said OpenTV Chief Executive Officer, James Ackerman. “We remain committed to enhancing our technology platform and to augmenting our portfolio of interactive content and applications. We continue to demonstrate significant business momentum, as evidenced by several of our recent announcements.”
At the National Show of the US cable industry the company announced an agreement with QVC to develop and launch the first real-time interactive television shopping service in the United States, signed a five year licensing deal with Motorola, and renewed a contract with Charter Communications to deliver interactive and enhanced programming. The company also demonstrated two interactive multiscreen applications, SportsActive and NewsActive, similar to services that have been successfully deployed on BSkyB in the UK.
Executive Chairman James A. Chiddix, who recently joined the company from Time Warner said “With the benefit of 30 years in the cable industry, I am hopeful that my experience, relationships and knowledge can help OpenTV extend its distribution and reach within the U.S. and elsewhere, and I am encouraged by the steps I have seen so far.”