It's Official: DVD Now Fastest Consumer Electronics Product in History
With almost 4.5 million DVD players sold since 1997, the Consumer Electronics Association (CEA) has officially declared what most have known for awhile—DVD is the fastest selling consumer electronics product in history.In 1997—the first year of production—DVD player sales totaled approximately 349,000 units. In 1998 the figure more than tripled, totaling 1,079,000 units. To date, 1999 sales have topped 3.1 million units, with CEA predicting that holiday sales will drive the number closer to 3.5 million.
Timing + Content Availability + Falling Prices = Success
While the improved resolution has wowed consumers, the availability of content has certainly been a major drive for the technology's acceptance. Nearly 55 million discs have been shipped to retail thus far in 1999. More than 110 million DVD Video movies and music-video titles have been shipped to retail since the format's launch. Over 1,400 titles are now available in DVD.
DVD also has the added advantage of being introduced during a period of great economic clout where consumers are more likely to commit to new technology. In addition the growing acceptance of digital technology along with prices that have fallen more rapidly than those for comparable products have also added to DVD's quick acceptance.
DVD surpasses other previous groundbreaking consumer products such as the VCR, CD player, and home satellite system. In their first year of sales, DVD players surpassed by almost ten times the first year sales mark of CD players in 1983.
"While monumental, this announcement will come as no surprise to many CE enthusiasts," says CEA president Gary Shapiro. "The added benefits of enhanced picture quality, digital sound, multiple aspect ratios, various language tracks, and interactivity—all unique to DVD—make this technology purchase an easy decision for consumers."
CEA pointed out the raised expectations by illustrating the results of a survey it conducted a year ago on potential DVD purchases. The survey indicated that approximately 9 million households were at least somewhat likely to purchase a DVD player over the next year. After adjusting the numbers to those "very likely to buy" and accounting for overstatement, total consumer purchases were estimated to reach 2 million in 1999.