The first quarter wasn’t so bad after all. Consumer spending on home entertainment is estimated at $5.3 billion by DEG: The Digital Entertainment Group, down just 5% from the first quarter of last year.
Warner Q1 Income up, Film Revenue down 7%
Elimination of New Line Cinema, related personnel and 7% reduced overhead costs resulted in Time Warner Inc. reporting a 17% increase in first-quarter (ended March 31) filmed-entertainment operating income to $214 million, from $183 million during the prior-year period.
Notorious, the biopic on rapper Notorious B.I.G. from 20th Century Fox Home Entertainment, was the surprise winner in the weekly home video sales derby, debuting at No. 1 on the Nielsen VideoScan First Alert chart for the week ended April 26.
Viacom — parent of Paramount, MTV and other media companies — saw its first-quarter earnings fall 34% to $177 million (on revenue of $2.91 billion), compared to the same period in 2008, with drops in revenue from advertising and filmed entertainment.