Image Entertainment has reported financial results for its fiscal fourth quarter and year ended March 31, 2009. The figures show a sharp upturn in net revenues from Blu-ray: in the financial fourth quarter (i.e., January-March 2009), they were $1.3 million, up 440% from the $222,000 for the same period in 2008.
In that same quarter, net revenues from DVD were $20.0 million (down 16.4%), and net revenues from digital distribution were $1.5 million (up 177%).
For the whole financial year, Blu-ray net revenues were $8.1 million, compared to $508,000 in fiscal 2008 (up 1,494%). DVD revenues were $107.8 million (up 23.2%). Revenues from digital distribution were $4.2 million (up 95%). Blu-ray now accounts for 6.2% of the company's net revenues for the year, compared to under 1% the year before.
It must be noted that Image's Blu-ray offer up to March 2008 was decidedly paltry: it only released four documentaries and two movies. Between April 2008 and March 2009, the studio has released over thirty titles on Blu-ray, between documentaries, concerts and feature films.
Overall, Image had a net loss of $1.8 million in the fiscal year, compared to a loss of $23 million in fiscal 2008. That improvement is related to Image's new drive on feature films, focusing on cast-driven independent movies, such as '
Before the Devil Knows You're Dead' (with Philip Seymour Hoffman, Ethan Hawke and Marisa Tomei), '
My Name is Bruce' (with Bruce Campbell) and '
In the Electric Mist' (with Tommy Lee Jones and John Goodman).
In the coming months, Image expects to get good results from '
The Edge of Love' (with Keira Knightley), '
Management' (with Jennifer Aniston) and '
Terry Fator: Live from Las Vegas'.