HIVE EXCLUSIVE RESEARCH: America Loves ‘Family Man,’ Kids Embrace Pooh Bear3 Aug, 2001 By: Judith McCourt
The Family Man brought home the bacon for the second consecutive week, ranking as the best renting VHS and DVD as well as the bestselling DVDfor the week ending July 29.
Universal Studios Home Video’s Nicolas Cage-Tea Leoni starrer pulled in$12.51 million in combined DVD and VHS rental revenue in its second week at the rental counter, pushing its cumulative take to $26.4 million.
According to VideoScan’s First Alert report, the comedy also was the topselling DVD for the second week, selling 25% more units than its next closest competitor, Warner Home Video’s newcomer, Valentine.
Meanwhile, Buena Vista Home Entertainment’s The Book of Pooh continued its reign as the best selling VHS cassette for the week, according to VideoScan’s First Alert report.
Four new releases placed on the top 50 rentals chart, but none mustered enough steam to finish in the top 10. Warner’s Sweet November turned inthe best performance of the bunch, generating $3.68 million in combined VHS and DVD rental revenue.
Combined rental spending for the last week of July registered $212.13 million, down 5.2% from the $223.67 million spent in thecomparable week of 2000. VHS spending took the biggest hit, coming in at $187.7 million, a 9.7% drop from the $208 million consumers spentat the rental counter in the same seven days last year. DVD spending picked up part of the slack with weekly revenues tallying $24.4 million compared to $15.7 million for the comparable week last year.
Increased penetration of DVDs should continue to fuel strong growth in DVD rental revenue. According to the DVD Entertainment Group, totalhardware units shipped since the format’s launch have topped the 20 million mark and did so more rapidly than other home entertainmentproducts.
Increased DVD rentals pushed combined consumer rental spending for the year to $5.46 billion, 7.7% more than the $5.07 billion spent through July 2000.