|DVD Sales Drive Industry To Record Breaking Year|
|Home Theater News Industry-Trade News|
|Written by AVRev.com|
|Monday, 13 January 2003|
The incredible success of DVD-video has propelled home video to become America’s most popular entertainment medium, surpassing consumer spending on movie tickets, music, video games and mass-market books. Just announced by the DVD Entertainment Group at the International Consumer Electronics Show (CES) in Las Vegas, U.S. consumers spent more than twice as much buying and renting DVDs and VHS as they did going to the movies. In 2002, consumers spent $20.3 billion buying and renting DVDs and VHS versus $9.3 billion moviegoers spent at the theatrical box office.
DVD now represents 57 percent of 2002 home video consumer spending, driven by DVD retail sales which increased 61 percent to $8.7 billion (compared with $5.4 billion in 2001). Consumers spent an additional $2.9 billion renting DVDs (more than double the $1.4 billion in 2001), bringing total DVD spending to $11.6 billion versus $6.8 billion in 2001 an increase of 71 percent.
Numerous DVD titles broke sales records in 2002 with many selling at least four million copies. Some of these titles include “American Pie II,” “Austin Powers in Goldmember,” “Black Hawk Down,” “Harry Potter and the Sorcerer’s Stone,” “The Lord of the Rings: The Fellowship of the Ring,” “Minority Report,” and “Star Wars - Episode II: The Attack of the Clones.”
“Consumers have made it clear - DVD is their favorite way to enjoy entertainment at home. On average, each DVD household bought more than 15 DVD titles last year,” said Emiel N. Petrone, Chairman Emeritus, DVD Entertainment Group. “By the end of 2003, DVD will be in more than half of U.S. homes, allowing even more consumers to experience the extraordinary video and audio quality DVD offers.”