For the first time since 2001, American consumers spent more money renting than buying movies in the first half of the year. During the first six months 2011, consumers spent $4.2 billion renting movies, compared to $4.1 billion buying them. The results can be attributed to the rising popularity and convenience of rental services like Netflix and Redbox (and — cough — illegal downloading). The news is a particular blow to studios as DVD sales bring it significantly more money than rentals. And while DVDs may not cause the heart to flutter like old books or vinyl records, it’s still one more sign that days of physical media are nearing an end. [Company Town/LAT]
