Mike Lang of Miramax says the traditional model needs big changes if it's to survive much longer.
The business of selling movies is in trouble, says Mike Lang, CEO of Miramax. With rental and subscription services like Netflix gaining in popularity, there's less incentive for customers to buy movies.
Lang says consumer needs to be able to buy something and know that it will work on anything they own, just like the way Netflix shows up on a strong majority of home entertainment products. "It’s very difficult for the consumer to know that when they buy something that it works on any device."
The way forward, according to Lang, is to embrace UltraViolet wholeheartedly. He says that really pushing the digital locker system will get consumers interested in making purchases again instead of just renting.
"Ninety-five percent of the software industry in the world is now through cloud-based transactions," says Lang. "I’m hopeful that the movie business gets there."
Source: Home Media Magazine