Xperi Launches TiVo® OS to Smart TV Makers, Welcomes Vestel as First OEM Partner

Rhea-AI Summary

Xperi Holding Corporation (NASDAQ: XPER) has partnered with Vestel to launch the first TiVo OS-powered smart TVs in Europe, set to ship in 2023. TiVo OS aims to create a neutral media platform, enhancing user control and simplifying content discovery. The agreement is a multi-year, multi-million-unit deal, which positions Xperi to capture a significant share of the estimated 40% of the smart TV market seeking independent platforms. With the connected TV advertising market projected to grow from $16 billion to $36 billion by 2026, this partnership highlights a strategic move to leverage advertising opportunities for OEMs.

Positive

• Partnership with Vestel to release TiVo OS smart TVs, enhancing market presence in Europe.
• Estimated 40% of the smart TV market is seeking independent platforms, indicating strong market potential.
• Multi-year, multi-million-unit agreement, securing significant sales volume.
• Connected TV advertising expected to grow from $16 billion to $36 billion by 2026, creating revenue opportunities.

Negative

• None.

Vestel to Offer First “Powered by TiVo™” Smart TV in Europe in 2023

BERLIN--(BUSINESS WIRE)-- Xperi Holding Corporation (Nasdaq: XPER) today announced the launch of its independent media platform, TiVo OS. Consumer electronics leader Vestel will ship the first smart TVs Powered by TiVo™ in Europe beginning in 2023.

Unlike existing platforms, which are largely built around “walled gardens,” TiVo OS is a first-of-its-kind neutral platform, aimed at giving original equipment manufacturers (OEMs) significantly more control over the user experience and helping consumers cut through the clutter of streaming and linear content options with simplified, universal discovery to consumers. With an award-winning content-first experience, global content provider scale and profitable partnership model, Powered by TiVo™ is the ultimate independent smart TV operating system.

“We estimate that nearly 40% of the smart TV market is searching for a truly independent platform like ours, and a supportive industry partner with deep domain expertise,” said Jon Kirchner, CEO, Xperi. “Today, nearly 30 million households worldwide are powered by TiVo through an array of CTV and other partners. We are pleased to have signed our first smart TV partnership for TiVo OS, our embedded operating system and media platform for smart TVs, underlying progress toward our goal of becoming a leading independent TV OS platform supplier.”

Vestel, one of the top three European TV producers, will launch Powered by TiVo Smart TVs as part of a multi-year, multi-country, multi-million-unit agreement, with the first units expected to ship in 2023.

“Vestel, aligned with is mission of being the ‘retailer of retailers,’ offers a wide range of choices to its customers in terms of Smart TV OS platforms,” said Turan Erdoğan, CEO, Vestel. “TiVo, and its parent company Xperi, have a long history of both championing great customer experiences and creating entertainment ecosystems. We believe that the industry will benefit from a partner-oriented, independent media platform that provides the necessary scale, both in technology and content to satisfy the global media landscape. TiVo has a proven track record in making it easy for consumers to find, watch and enjoy the content they love. We’re excited about partnering with TiVo to provide a European-focused Vestel Smart TV Powered by TiVo OS to provide consumers the experience they want.”

Based on decades of experience growing profitable consumer electronics and entertainment ecosystems, the Powered by TiVo model is designed to maximize the lifetime value of customers for TV OEM partners better than competing platforms. With the expected growth of connected television (CTV) advertising from 16 billion USD to 36 billion USD by 2026, television OEMs, like Vestel, have an opportunity to work with TiVo and participate in monetization throughout the lifecycle of the smart TV.

A TV Powered by TiVo can deliver better viewer engagement with an unbiased content-first user experience where live hybrid TV and streaming services are fully integrated. This empowers consumers to intuitively discover TV shows and movies across their favorite streaming apps in a free, familiar, and frictionless experience by selecting the streaming services that are most relevant to them.

From easy setup to its award-winning experience, natural voice navigation and customized entertainment by recommending what to watch based on unique taste profiles, Powered by TiVo Smart TVs are at the forefront of innovation, providing new ways for consumers to enjoy TV.

To learn more about Powered by TiVo Smart TVs, visit https://business.tivo.com/products-solutions/stream.

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Xperi Holding Corporation’s (the “Company”) current expectations, estimates, and projections regarding the percentage of the Smart TV market searching for an independent platform, the expected shipment date of the first TV with TiVo OS, and the anticipated growth of connected television (CTV) advertising. In this context, forward-looking statements often address expected future business, financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “potentially,” “estimate,” “continue,” “expect,” “target,” similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control, and are not guarantees of future results. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenue, cost savings, expenses, earnings, economic performance, indebtedness, financial condition, losses, future prospects, business strategies, and expansion and growth of the Company’s businesses; the Company’s ability to implement its business strategy; pricing trends, including the Company’s ability to achieve economies of scale; the ability of the Company to retain and hire key personnel; uncertainty as to the long-term value of the Company’s common stock; legislative, regulatory and economic developments affecting the Company’s business; general economic and market developments and conditions, the evolving legal, regulatory and tax regimes under which the Company operates; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, including Russia’s invasion of Ukraine, and natural disasters; the extent to which the COVID-19 pandemic continues to have an adverse impact on the Company’s business, results of operations, and financial condition will depend on future developments, including measures taken in response to the pandemic, which are highly uncertain; and the impact of supply chain constraints on our customers can not be predicted; and the planned separation of the Company’s IP and product businesses. These risks, as well as other risks associated with the business, are more fully discussed in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s most recent Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. While the list of factors presented here is, and the list of factors presented in the Company’s filings with the SEC are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on the Company’s consolidated financial condition, results of operations, liquidity or trading price of common stock. The Company does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

About TiVo

TiVo brings entertainment together, making it easy to find, watch and enjoy. We serve up the best movies, shows and videos from across live TV, on-demand, streaming services and countless apps, helping people to watch on their terms. For studios, networks and advertisers, TiVo delivers a passionate group of watchers to increase viewership and engagement across all screens. In June 2020, TiVo became a wholly-owned subsidiary of Xperi Holding Corporation. Go to tivo.com and enjoy watching.

About Xperi Holding Corporation

Xperi invents, develops, and delivers technologies that enable extraordinary experiences. Xperi technologies, delivered via its brands (Adeia™, DTS®, HD Radio™, IMAX® Enhanced, TiVo®), and by its startup, Perceive, make entertainment more entertaining, and smart devices smarter. Xperi technologies are integrated into billions of consumer devices, media platforms, and semiconductors worldwide, driving increased value for partners, customers and consumers.

Xperi, Adeia, DTS, IMAX Enhanced, HD Radio, Perceive, TiVo and their respective logos are trademarks or registered trademarks of affiliated companies of Xperi Holding Corporation in the United States and other countries. All other company, brand and product names may be trademarks or registered trademarks of their respective companies.

About Vestel

Comprised of 24 companies, Vestel Group is a multi-industry manufacturer that operates in consumer electronics, major domestic appliances, professional displays, automotive and battery solutions and EV chargers. A testament to the global importance of Zorlu Holding across multiple technology sectors, Vestel is not only thriving at home in Turkey, but also through a further 14 subsidiaries that have been set up in various other parts of the world. Thanks to its renowned manufacturing and R&D complex, Vestel exports to 158 countries and keeps its position as a global player. For more information visit: vestelinternational.com.

SOURCE: Xperi Holding Corporation
XPER-P

View source version on businesswire.com: https://www.businesswire.com/news/home/20220830006009/en/

Xperi Investors:

Jill Koval, Arbor Advisory Group

IR@xperi.com

Xperi Media:

Amy Brennan, Senior Director, Corporate Communications

+1 949-518-6846

Amy.brennan@xperi.com

Source: Xperi Holding Corp

FAQ

What is the significance of Xperi's partnership with Vestel?

Xperi's partnership with Vestel is significant as it marks the launch of TiVo OS-powered smart TVs in Europe, addressing the demand for independent media platforms in the smart TV market.

When will the first TiVo OS smart TVs be available?

The first TiVo OS smart TVs are expected to ship in 2023.

How much is the connected TV advertising market expected to grow?

The connected TV advertising market is projected to grow from $16 billion to $36 billion by 2026.

How does TiVo OS differ from existing platforms?

TiVo OS is a neutral platform that offers original equipment manufacturers more control over user experience, contrasting with existing 'walled garden' platforms.

What market share is Xperi targeting with TiVo OS?

Xperi estimates that nearly 40% of the smart TV market is looking for an independent platform like TiVo OS.