US home video spending rises 5 pct in 1Q
LOS ANGELES (AP) — The home video market showed further signs of recovery in the first quarter, rising 5 percent thanks to growing sales of Blu-ray discs and the rise of subscription streaming services like Netflix.
That’s according to an industry consortium, The Digital Entertainment Group.
U.S. spending of $4.7 billion was helped by sales of home movies that were strong performers in theaters, including “Skyfall,” ″The Hobbit” and “Wreck-It Ralph.” The business-boosting Easter holiday fell in the first quarter this year, instead of the second quarter a year ago.
The gain marked the first year-over-year increase since the third quarter of 2012.
Sales of physical discs rose 2 percent to $2.1 billion, spending on rentals fell 12 percent to $1.0 billion, while spending on digital formats rose 26 percent to $1.6 billion.