Best Buy's DVD Marketshare Reaches 35% Best Buy Hits First $1
Million
Post-Holiday Week for DVD Movies
<<does this have anything to do with ZRAN>>
PR Newswire - April 10, 1998 15:32
MINNEAPOLIS, April 10 /PRNewswire/ -- Best Buy (NYSE:
BBY) marked its
first post-holiday $1 million week in Digital Versatile Disc (DVD)
movie sales
and captured 35% of the DVD movie marketshare this past week,
according to
VideoScan. Consumer acceptance of DVD continues to exceed
expectations as DVD
movie sales reach record levels.
"Best Buy's one million dollar week was driven by our expanded
and
enhanced retail presentation and consumers' continued acceptance
of this new
product," said Best Buy Merchandise Manager Joe Pagano. "DVD
is where
entertainment meets technology. Our dominance in software and
hardware sales
means consumers are looking to Best Buy first for this exciting
new product."
At an average sale price of over $22 per DVD movie, the
$1,000,000 week
equals 45,000 DVD movies. Best Buy continues to add DVD
movie titles, with
more than 600 DVD movies currently available. This summer,
Best Buy will again
expand its DVD movie area in preparation for the anticipated
ramping up of
major studio new releases. It is predicted that more than 1,500
DVD movie
titles will be available by the end of calendar 1998.
In March 1997, Best Buy launched DVD in 74 of its stores with
five
hardware models and a modest assortment of 23 movie titles from
Warner Home
Video. Two months after the launch, Best Buy rolled the hardware
to all its
retail locations nationwide. Today box office movies, such as Air
Force One,
are released simultaneously in DVD and VHS formats. The
one-year anniversary
of that launch marked the sale of Best Buy's one-millionth DVD
movie.
Minneapolis-based Best Buy Co., Inc. retails name brand
consumer
electronics, personal computers, entertainment software and
appliances. The
Company is ranked 199 on the Fortune 500 with annual revenues
of $8.4 billion.
Best Buy operates 287 locations in 32 states and its common stock
is traded on
the New York Stock Exchange, symbol BBY. More information
about Best Buy is
available on the Company Web site: bestbuy.com |
