Report claims YouView spent £20m in first nine months
YouView, the BT and TalkTalk-backed broadband-connected TV platform, spent almost £20 million in its first nine months of operation but is still yet to launch its first set-top box.
According to the Guardian, the joint venture between some of the UK's top broadcasters and telecoms firms was awarded £20.2 million by shareholders between July 8th 2010 and March 31st 2011, and spent £19.74 million of this amount.
The commercial release of its set-top box has been repeatedly delayed despite this expenditure, with the organisation now working towards a planned launch in early 2012.
Explaining the delays, YouView chief executive Richard Halton said the joint venture is committed to delivering a product that is "right but not rushed".
"Creating a truly open TV platform that will bring consumers increased choice has required significant technological innovation. Our timings for the launch reflect the scale and complexity of this project," he added.
Of the money spent, £14.5 million was attributed to cost of sales - reflecting the cost of developing YouView's product - while £5.2 million went towards administrative expenses.
Some £1.1 million was used to pay the 15 staff who worked for YouView during the period.