OLYMPICS LIKELY TO BURY OTHER MEDIA

The Olympic Games are likely to hit video store rentals, online streaming sites, and movie theaters hard, analysts have suggested. Executives at those media operations seem to agree. Studios are releasing to high-wattage blockbusters during the Olympics. The dance drama Step Up Revolution and the comedy The Watch head into theaters on Friday and next weekend the two big releases are Diary of a Wimpy Kid: Dog Days and a remake of the sci-fi drama Total Recall. Virtually no movies of any consequence is being released on home video. In a note to clients, B. Riley & Co. analyst Robert Wold observed that during the 2008 Games, Redbox experienced a 22-percent drop in revenue at its kiosks. Earlier this week, Netflix CEO Reed Hastings said that he anticipated a significant drop in revenue during the Olympics. On Wednesday, shares of Netflix hit a 52-week low, and they sank even further today, closing down an additional 5.42 percent to $57.01.