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HollyWood's Online Box Office
Hollywood has plans to branch out into online movies in a major way. They have been slow to embrace the Internet but it seems they are realizing the great potential for generating revenue online.
According to the Research and Markets firm movies on the web will have a revenue of $37 million for the US in 2006. The total number of the movies sold over the Internet could reach 9.5 million. This is only one percent of the market when compared to a little over 1 billion DVDS and videocassettes sold in 2005.
The Research and Markets study estimates a large increase in Internet sales of movies in the future. By the year 2010 sales and rentals for online movies could reach 60 million. Revenue is expected to soar to $534 million. The $534 million is still only two percent of the video sales generated by Hollywood in 2005. The 60 million movies sold represent just four percent of video sales for 2005.
While there are technologies that do allow viewing of online content on a traditional TV they have not been mass marketed to consumers. Apple has plans to release its iTV unit sometime in early 2007. This could be promising for both Apple and the film industry. The new equipment promises to make Web based content easy to watch on TV.
Having more video on demand options will probably be a good thing for both consumers and Hollywood. Convenience plays an important role for VOD, but people are still willing to view movies they have an interest in on the big screen.
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Mike Sachoff
