The catch-line "Now on DVD" is quickly becoming a marketing cliché for the entertainment industry. How many commercials have you seen lately that advertise new DVD products$%: How did this obsession start and is it making money$%: Have DVDs really replaced watching movies on traditional VHS cassettes$%: Let's take a closer look at this explosive phenomenon from a business perspective.
First of all, in case you're wondering, DVD (also known as Digital Versatile Disc) is a compact disc format for storing data. It ranges from capacities of 1.3 to 15.3 gigabytes (the equivalent of 1 to 6 hours of video). It's the successor of the SD (Super Density) CDs, a format from which DVD evolved.
When CD-ROMs first came out, everyone abandoned the old magnetic tapes (audio cassettes) and began mass-producing music on Compact Disc. Listening to your music on a CD had its advantages. Songs could be put on separate tracks, which made skipping certain parts easier and more convenient. The average CD today can store up to 70 minutes of high-quality audio. The age of rewinding was gone!
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Now movies, music-videos, sitcoms, and documentaries are all being released on DVDs. Yesterday we had Blockbuster, today we have Netflix. What happened to the entertainment industry$%: Apparently they've gone digital!
So, digital is in, magnetic is out. Some of you might be wondering how this all started and how it affects businesses in the entertainment industry today. Well, DVD version 1.5 was first released in September 1996. The first feature motion picture release on DVD, the movie Twister, came out the following year. During that time there was no online, single disc, medium that could store digital video of that quality and length. Standard MPEG compressions couldn't allow a full-length movie to fit on the regular compact discs - which maintained an average 600-650 MB capacity at the time.
After the success of DVD format the world began to see a flux in video distribution. So who's responsible for all of this$%: While there is no one person or entity that took on the role of creating DVD there are a few companies and engineers who can be traced back to the earliest development of the technology. Philips and Sony who joined forces with Toshiba, led by Lou Gerstner (President of IBM), created this resilient, high-density, optical storage standard now called DVD. Soon an entire fleet of companies began developing DVD players for consumers at affordable prices.
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It's clear that DVDs have many advantages over their predecessors - VHS cassettes - such as their growing copyright protection technologies. Now DVDs are harder to pirate than any other media. They're also far more accessible. Most computers sold today come equipped with DVD readers/writers and even video game consoles have incorporated the format. The average DVD player, currently on the market, sells for about $35.
So motion picture features now rely more on their DVD sales revenues than what the box office brings. For example, the movie 'Master and Commander', staring Russell Crowe, cost $175 million to make, but only generated $94 million from its ticket sales. It seems that the cinema trend we have been so accustomed to is forcing businesses to shift their marketing strategies in order to make a profit on these large-scale productions.
It isn't at all uncommon to see blockbuster movies sell more in DVDs than theaters. Lord of the Rings: Fellowship of the Ring made $498 million in DVD sales and only $314 million in theaters. Finding Nemo also made $30 million more in its DVD revenues. Even some small-scale productions are making big bucks from their DVDs.
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Marketing tactics like 'The Complete Trilogy on DVD' and 'Limited DVD Edition' are used to lure consumers into owning different versions of the same movie. DVDs are marketed to be sold rather than rented and so the revenues surpass that of any VHS movie. Now producers can release dozens of different versions of their movie on DVD. Some include added bonuses like unused footage, exclusive interviews, a behind the scenes look, unrated releases, big-screen adaptations, and trailers.
Where is this going and how far can it get$%: It seems that DVD has not only replaced VHS cassettes, which are no longer the release format for new movies, but it's also replacing theaters. Now people are building their own home-entertainment systems and turning their living rooms into the big-screen. It isn't difficult with modern home-theater kits and affordable online rentals from companies like Netflix.
Netflix now holds approximately 65,000 DVD titles, renting them to more than 5 million people across the United States, and generates $688 million in revenues. It's the largest online DVD rental service in the world and it takes a huge bite out of the $25 billion chunk that makes up the DVD industry.
Yet Netflix isn't the only one trying to get a piece of the pie. Even McDonalds took a test drive in the DVD seat when it launched its DVD kiosk rental system in Washington, Las Vegas, and Denver. The world is growing more DVD hungry and businesses seem to be adapting themselves to the consumers' demands.
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