Retail Industry
Industry: Email Alert RSS FeedRevenues up but no Reel profits.(online video retailer Reel.com)
Video Business, November, 1998 by Sporich, Brent
Online video retailer Reel.com saw its revenues jump 271% to $3.8 million from the second quarter to third quarter ended Sept. 30, according to Reel.com parent Hollywood Entertainment.
While the jump in revenues at Reel.com does not include the loss it suffered from selling Tetanic - a cost estimated to top $10 million - it does show just how much business activity was generated by the loss leader. Reel.com sold the Paramount Home Video hit for $9.99 prior to street date and used copies for $7.99.
Reel.com's cumulative customer accounts rose 307% to 346,000 from the second to third quarter, Hollywood's chairman and CEO Mark Wattles said. The Titanic promotion was viewed by industry observers as largely a way for the retailer to build its customer...
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