VIDEO SPENDING DEFIES OVERALL ECONOMIC PLUNGE
Monday, July 14 2008
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Although overall retail spending continues to fall, consumer spending for home video rentals and sales during the first six months of this year were actually up slightly from the same period a year ago, according to Home Media magazine. The results come in the face of new reports that downloading of movies on such sites as Apple's iTunes store, MovieLink and Cinema Now is rising significantly. But Tom Adams, president of Adams Media Research, told the magazine, "The fact is, despite what many on Wall Street seem to think, there is very little digital downloading going on. We're talking about $118 million in 2007 spending, and about $254 million this year -- so against a $24 billion packaged media market it's really not making much of a dent at this point."
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