Analyst: Sales Down for DreamWorks Animation’s ‘Panda 2’19 Dec, 2011 By: Chris Tribbey
Disappointing DVD sales for Kung Fu Panda 2 and lower-than-expected overseas box office receipts for Puss in Boots has one analyst lowering his expectations for DreamWorks Animation.
Richard Greenfield, analyst with BTIG, notes that despite streeting on the second Tuesday of December, a historically great day for a top-tier DVD release, Panda 2 is struggling.
“We believe initial DVD sales of Kung Fu Panda 2 started off quite slow at Walmart, Best Buy and Amazon, among others,” Greenfield wrote in a note to investors. “KFP2 continues to struggle, with the premium-priced Blu- ray combo pack particularly weak. One week in, the DVD is fifth on Walmart.com, behind The Smurfs, which was released almost two weeks prior.”
Greenfield also noted that despite heavy promotion of the title by Amazon, the standard Panda 2 DVD ranked No. 15 and the Blu-ray combo pack at No. 31 on Dec. 19.
Greenfield lowered expectations on DVD sales for Panda 2 from 7.4 million to 6 million.
As for Puss in Boots, Greenfield estimates that the $188 million overseas box office tally to date is lower than expected, and could see eventual DVD sales at 5 million, down from a previous estimate of 6.7 million.