Monday, July 14, 2008

Gennaro Castaldo Watch: Til things are brighter

The entertainment industry is hoping for good things in the recession, as people shift their sights from big spending to small treats. And at the front of the queue hoping for a couple more bank failures and a string of repossessions is HMV's Gennaro Castaldo:

"The economic environment has obviously become more challenging for all consumers and retailers alike, and our sector is certainly not immune," said HMV spokesman Gennaro Castaldo.

"However, at such times shoppers look for even more value, and they may also feel nervous about making large purchases, so CDs and DVDs may seem even more appealing, particularly as they've already come down in price quite a bit."

Yes, Gennaro. With the price of bread reaching a point where toast is looking like a giddy purchase for the super-rich, who wouldn't expect the Ultravox back catalogue to suddenly start shifting?

Castaldo is pinning his hopes on slightly-different versions of products with excessive mark-ups:
"Labels are playing their part by releasing more special editions and box sets of particular releases, which can make a title more desirable and collectible to own or to give as a gift," said Castaldo.

Yes. Given the choice of a five-quid album, or a nine-quid album with a cardboard box to keep it in, people who are feeling the pinch will really, really think the expensive box is worth sacrificing a meal for.