HIVE EXCLUSIVE RESEARCH: Renters in a ‘Family’ Way, Embrace New Arrivals27 Jul, 2001 By: Melinda Saccone
A hefty slate of new releases and strong product fueled consumerspending at the rental counter for the week ending July 22. Rental spending jumped 6.2% to $247.1 million for the week — a whopping16.5% increase from the $212 million spent during the same week last year.
Universal Studios Home Video’s The Family Man nabbed the top rental spotfor the week, ousting Buena Vista Home Entertainment’s Unbreakable.
VideoScan First Alert sales data also gives the nod to Family Man as thebestselling DVD for the week. Meanwhile, a kidvid once again reigned as the top VHS First Alert seller with Buena Vista’s Book of Pooh turning in the best performance for a cassette at the sales counter for theweek.
Eight new releases broke rank on the top 50 rentals chart for the week but just one, Universal’s Family Man, found a place in the top 10. The Family Man finished fifth in debut week rental revenue for titlesreleased in 2001 and 10th overall.
This year’s top 50 for the week outperformed last year’s counterparts at the box office and at the rental counter. Collectively, the top 50 rentals for the week earned $1.99 billion at the box office prior to their release on video. Their stellar box office power translated into $127.4 million at the rental counter for the week, or 58% oftotal weekly spending. By comparison, the top 50 for the same week last year collectively earned 26.8% less at the box office ($1.57billion), which translated into $104.3 million in rental revenue or 49% of total weekly spending.
So far this year, consumers have spent $5.24 billion on video rentals — up 8.3% from the $4.8 billion spent during the comparable period last year. The gain comes from the growth in DVD rentals, which is up 197.3% from spending at this time in 2000. Consumers have spent $608.4 million on DVD rentals so far this year. Consumer spending on VHSrentals so far this year is running flat at $4.64 billion.