Demand for Personal Video Recorder (PVR) products increased tremendously during the past year, as unit shipments rose from 4.6 mln in 2003 to over 11.4 mln in 2004, reports In-Stat. This demand stems from increased consumer awareness about the concept of time-shifting television programming, and both pay-TV service providers and PVR product manufacturers are reaping the benefits.
PVR service providers, led by companies like TiVo and EchoStar, also enjoyed a banner year, as total worldwide households subscribing to a PVR service increased from 3.6 mln in May 2004, to over 9.2 mln in May 2005. North America remains the largest market for PVRs, followed by Japan. In 2004, the two regions accounted for 88% of total worldwide PVR product unit shipments. Worldwide PVR product revenues have also risen rapidly, increasing from $2.1 bln in 2003 to over $4.3 bln in 2004. A recent US consumer survey revealed that most PVR users are highly satisfied with their PVR service. 89% of surveyed PVR households they were either "extremely satisfied" or "very satisfied" with their PVR service.