DVD and Blu Ray sales up despite streaming boom

The boss of HMV has said more shoppers are buying physical movies and TV shows again despite the recent streaming boom.

Blu-ray and DVD sales are back in growth after significant decline in recent years, sparked by the rise of streaming platforms such as Netflix and Disney+.

Phil Halliday, managing director of HMV, said the retailer is “good health”, with all its core product areas back in growth despite a challenging consumer backdrop.

He said the recovery of its “physical visual” business has been a particular highlight, with collectors helping to support increased sales.

Mr Halliday added that the category has grown as households have witnessed an increase in the number of streaming services, uncertainty over which shows or films are on certain platforms, and rises in the price of many subscriptions.

The managing director said: “It’s been really positive to see the physical products in visual back in growth – 4K and Blu-Ray have been doing particularly well.

“It’s a bit like people buying music physically, in that we are getting a lot of people wanting to collect certain titles. Releases have picked up as well, and we have some really good titles like Challengers coming out at the moment.

“When streaming first came out I think a lot of people saw it as cheap and with huge breadth of choice, but I’m not sure people see it like that now.

“People are willing to pay for a physical copy of shows or films they know they will rewatch.”

He said this adds to strong recent trading for music, technology and merchandise across its 120 stores across the UK and Europe.

The retailer – which was bought in a rescue deal by Doug Putman in 2019 – has also increased investment across its store estate in recent years.

Late last year, HMV returned to its historic Oxford Street store following a four-year absence, during which time the unit had been occupied by an American-style candy shop.

Mr Halliday said the store has been performing well since it reopened.

“It’s been a step up for the business,” he said. “The store is a big site and it’s been really fun to work on it and bring it back to life properly.

“But it’s important to say that we aren’t just shops like Oxford Street. To be honest, our bread and butter is that we have so many brilliant stores in communities all across the UK.

“At the moment, I think we have really good coverage in terms of locations in the UK, and we’re pleased with how their trading right now.”

Published: 21/07/2024 by Radio NewsHub

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