March 10, 2023: On Thursday, Roku said that it would sell the first intelligent TVs designed and made by the firm exclusively at Best Buy and the electronic website of the retailer.
Roku’s hardware items, which include streaming players and sound-amplifying devices, have been the money-losing parts of the firm. It also makes business from branded TVs made by third parties, like Westinghouse and Hisense, sold at various retailers.
Wood said that the company-made sets would provide “more choice for customers” while support enhance active account growth at the Morgan Stanley Technology, Media & Telecom meeting.
“It also kind of gives a direct contact with the customers that permits us to make the innovation cycle even faster,” Wood stated.
“In Roku’s case, I think it will allow us to continue to transfer upstream faster in terms of higher-end customers,” Wood added.
The announcement was made soon after Roku reported fourth-quarter results in February, posting a smaller-than-anticipated loss. Therefore, some analysts stay worried about the streaming and hardware companies as advertisers pull back spending.
Shares of Roku are up over 55% so far this year as of Wednesday’s close. Its market value stands at regarding $8.86 billion.
The company said that Roku, which has 70 million active U.S. accounts, also announced platform-wide updates for its operating system, which will hit in the coming weeks.
New features started to Roku devices in the U.S. include the commencement of Local News, personalizing live news channels by location and permitting users to stream channels from major U.S. cities. According to Roku’s announcement, these recommendations will be powered by artificial intelligence.
The new TVs will feature Roku’s voice remote pro, Bluetooth private listening, automatic brightness and local dimming.
Roku also stated the updates to its mobile app, including an expanded Account Hub, a more straightforward birthplace screen interface and a Live TV Channel “Guide” button.
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