A correction - the article says Visio makes almost as much profits on ads and data ($38M) as hardware ($48M). In my view, the surprising thing here is how little money the hardware business makes. TVs are a low-margin product, so the revenues there are certainly higher. Visio sold 7 million TVs last year, and TVs last some years, so I’d estimate they have an install base of tens of millions and are making about $1 per TV per year in ads and data, which is obviously less than a TV costs. My takeaway is that this is a terrible business to be in, given that a leading brand is making so little per TV.