• by Wayne Friedman , May 12, 2021

Smart TV set maker Vizo said its SmartCast platform, which enables TV set owners to access app/streaming services, grew 57% in the first quarter to 13.4 million active accounts versus the year before.

Vizio defines active accounts on its SmartCast operating system as being activated by an internet connection at least once in the past 30 days.

Revenues at the Vizio Platform Plus unit -- the advertising selling and data business connected to its SmartCast platform -- grew 120% to $52.2 million. Gross profit more than doubled to $38.4 million.

Time spent on the SmartCast platform by smart TV users grew 70% to more than 3.6 billion hours in the first quarter. Average revenue per user (ARPU) grew 76% to $14.52 -- with much of this coming from higher advertising revenue.

Results were disclosed as Vizio released its first-earnings data as a publicly traded company called Vizio Holding Company.

A good portion of the company's revenue continues to come from the sales of smart TV sets. Its device business revenue grew 47% to $453.5 million.

Total revenues -- device and platform business -- were up 52% to $505.7 million.

Net income sank 64% to $3.3 million. But its adjusted cash flow -- earnings before interest, taxes, depreciation and amortization -- soared 218% to $40.4 million in the period.

Vizio Holding Corp. stock closed up 3% on Tuesday to $27.41.