Home Video Pulls Out Of Slump
The down-trending home-video market, a worrisome factor for all of the Hollywood studios in recent years, is showing signs of life again. Home Media magazine, citing figures from DEG: The Digital Entertainment Group, observed that while home video sales were down a tiny fraction (1.4 percent) during the second quarter, overall spending for the year is up more than 2 percent to $8.63 billion. Notably, Blu-ray sales were up 15 percent over the first half of last year while digital sales were up a whopping 24 percent. Rentals were down more than 5.5 percent, as subscription disc rentals were hit hardest with a nearly 21-percent decline, while kiosk rentals were down 4 percent. In a related matter, Blockbuster, now owned by DISH network, said it will close another 100 stores in the U.S. in the current quarter. The company said that it cut its second-quarter loss to $5 million from a loss of $13.3 million during the year-ago quarter.