May 12, 2022
Vizio May 12 reported that more than 4.1 billion hours of SmartCast OS content was streamed by the consumer electronics manufacturer’s smart TV owners in the first quarter, ended March 31. That was up 14% from 3.6 billion hours streamed in the previous-year period.
Vizio, like other Chinese CE manufacturers, has implemented a branded operating system affording users access to the internet and third-party apps and platforms. In addition, Vizio also streams select ad-supported video content in attempt to compete against AVOD platforms such as Tubi, Pluto TV and The Roku Channel, among others.
Irvine, Calif.-based Vizio ended the quarter with 15.6 million active accounts, which was up 16% from 13.5 million accounts in the previous-year period. Even better, average revenue per SmartCast user increased 64% to $23.68 from $14.43 per user last year.
Meanwhile, Vizio shipped 1.4 million Smart TVs in the quarter, which was down 11% from 1.5 million units in the previous-year period. Device revenue dropped 16% to $382.9 million, from $453.5 million.
The company posted a net loss of $11 million on revenue of $485.5 million in the quarter, compared to profit of $3.4 million on revenue of $505.7 million a year ago.
“I am extremely proud of our exceptional first quarter results,” William Wang, CEO of Vizio, said in a statement. “It has been 20 years since [we] first revolutionized the TV market offer[ing] affordable HDTVs, smart-TVs, and six years ago we launched our own operating system.”
Vizio, which launched an IPO a year ago pricing shares at $21 each, saw shares close May 12 at $7.57 per share.