According to a new report from the Digital Entertainment Group, U.S. consumers spent $1.22 billion in the first quarter of 2012 to watch video they streamed or downloaded from the Internet.
This figure represents a 74 percent increase over the same period last year. The study also found a 25 percent drop in the number of people renting DVDs and Blu-ray discs.
“That shouldn’t come as much of a shock when you factor in Blockbuster’s continuing woes and the migration of Netflix subscribers to digital streaming,” comments The Verge.
“Still, it’s not all doom and gloom in rental land, as Redbox brought in $523 million, which represents growth of 30 percent compared to 2011 and accounts for nearly half of the entire segment,” adds the post. “It would seem those studio-imposed delays haven’t had poised much of a financial burden after all.”
Retailers sold 2.4 million Blu-ray players during the quarter, while sales of Blu-ray discs increased 23 percent to $541 million.
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