Noting the numerous DVD sales and rental records set in 2003, the Video Software Dealers Association (VSDA) today declared that 2003 was “the year of DVD” in the home video market.
“We have simply run out of superlatives to describe the DVD phenomenon,” said VSDA President Bo Andersen. “It’s bigger and better than anyone imagined it could be.”
Consumers spent record amounts purchasing and renting DVDs in 2003. Adams Media Research estimates that consumer purchases of DVDs totaled more than $12 billion in 2003, up $3.9 billion, or 46%, from 2002. Consumers spent an additional $4.3 billion renting DVDs in 2003 (through December 21, 2003), up 53% from the same period last year, according to Home Video Essentials (a product of Rentrak Corporation). The number of DVDs rented also set a record in 2003. Home Video Essentials reports that, through December 21, 2003, approximately 1.3 billion DVDs were rented during the year — up 55% from the same period in 2002.
Other notable milestones for DVD in 2003 include:
Looking ahead, Andersen anticipates continued strong growth in the DVD sales and rental markets. “Home video is America’s favorite way to watch the latest movies, and DVD is America’s favorite home video format,” Andersen stated. “The superior video and audio quality, the bonus scenes, and the special features of DVD have captivated the American public. Given that we have just passed the fifty percent mark in DVD player household penetration, I would say this love affair is just starting.”