IBiquity Digital says more than 10 million HD Radio receivers have been sold to date.
Company President/CEO Bob Struble told Radio World 11 million isn’t far behind.
That’s because more than one million HD Radio receivers were sold in the last two quarters of its fiscal year.
Heading into the heavy holiday shopping period, he anticipates an uptick on receiver sales, both standalone devices and car sales, “which will lead to more growth. It’s slow and steady progress.”
The private company remains on solid ground financially, according to the executive. A few months ago, the company restructured again, something Struble says iBiquity has done probably a dozen times in the last 10 to 15 years.
Broadcasters own less than 10% of the private company; that’s been true now for some eight years, as iBiquity turned to financial institutions for funding like Grotech Capital Group, J.P. Morgan Partners, New Venture Partners, FirstMark Capital as investors. Partners like Ford Motor Company, Harris, Texas Instruments and Visteon have also invested in the tech developer.
“We hadn’t asked broadcasters for more because we wanted them to invest in HD Radio,” said Struble, noting that broadcasters originally invested less than $20 million and since then, the company has raised nearly $350 million.