TV set maker Vizio Holding Corp.'s still young smart TV platform advertising business grew 116% in the first quarter to $76 million.
Vizio says that year-over-year, there was a 111% increase in media and entertainment advertising, and 57% higher automotive marketing, 52% more insurance messages, and 50% more consumer packaged goods.
Average revenue per user grew 64% to $23.68, year-over-year.
Vizio says its integrated onscreen platform SmartCast now has 15.6 million active accounts -- up 16% versus a year ago. Total SmartCast viewing hours climbed 14% to 4.1 billion.
But for its main device business -- largely its smart TV sets -- Vizio witnessed a 16% decline to $383 million.
The company did not provide an explanation. But in its previous fourth-quarter reporting period. Michael O’Donnell, chief revenue officer of Vizio, in reference to supply- chain issues, told equity analysts:
"We do think that those challenges did peak during , and we’ve seen some easing and various elements of the supply chain dynamic.”
But business analysts have said supply-chain issues continue to affect a wide range of businesses -- including those manufacturers using computer microchips such as TV set makers.
Vizio did say its first quarter witnessed a 23% increase in TV shipments versus pre-pandemic, first-quarter 2019 levels.
Vizio's smart TV "Platform+" business -- which includes advertising and data licensing revenue -- rose 97% to $103 million. Vizo's Inscape data licensing unit grew 57% to $27 million.
Company-wide Vizio revenue dropped 4% in the period to $485 million. The company posted an $11 million net loss versus a $3 million in net income for the year-ago period in 2021.
For its SmartCast platform there has been a broad mix of big brand entertainment and media marketers in the last 12 months including Disney+, ABC, Fox, Apple TV+ and YouTube TV for entertainment.
Automakers have included General Motors, Hyundai, Toyota, Kia, BMW and Jaguar. For insurance, marketers include State Farm, Geico, Progressive and Nationwide. Consumer packaged goods advertisers include Procter & Gamble, Constellation Brands, Reckitt, and Georgia-Pacific.