Advertisement

More people buy DVDs than rent

LOS ANGELES, June 10 (UPI) -- More people are buying DVDs than renting them, causing a slump in the U.S. movie rental industry but cheers among DVD retailers.

Rental activity was down by 16.5 percent during the first quarter of 2004 as consumers chose to purchase DVDs for their collections, said industry leaders at the Home Entertainment Summit held this week in Los Angeles, the Los Angeles Times reported Thursday.

Advertisement

"Consumers are truly hooked on the DVD experience," said Judith McCourt of Video Store Magazine. "These are exciting times."

The average household last year purchased approximately 19 DVDs for a home collection that averages more than 43 titles, said a survey of 850 U.S. households.

Other industry leaders cautioned being overly optimistic about the trend, saying a large number of new movie releases during the first quarter of 2004 may have contributed to the rental slump.

"It's still a question of what it has to do with: a shift in behavior or the quality of the product," said Craig Kornblau, president of Universal Home Video. "I think the jury's still out."

Latest Headlines