A Giant Market... And Growing!
The market for digitization of old format media is estimated at $135 billion.
Almost every U.S. household still has old family memories tucked away in closets, under beds, up in the attic or in boxes in the basement. The memories are in outdated formats and aren’t easy to view or are degrading due to age or storage conditions.
During their heyday, film cameras shooting analog photos were in 90% of U.S. households and video camcorders were in 62% of U.S. households. From 1923 to 2009, over 100 million U.S. households purchased an estimated 2 billion video tapes sold for home recording, printed an estimated 380 billion amateur film photo exposures, and shot an estimated 52 billion feet of movie film.
Only a fraction of old format media has been digitized and the market for digitization services is growing exponentially.
One recent survey indicated that over 90 million U.S. households still had over 2 billion videos and photo albums in non-digital formats. Our estimate is that less than 5% of old format video has been digitized, and similar amounts of media remain in the other old formats as well.
The video transfer market - which we estimate totals $29 billion of the $135 billion opportunity - emerged as a $130 million industry in 2012 and is expected to grow to over $1 billion by 2021.
Add the emerging market for services around new digital memories and the opportunity is even more exciting!
Each month, we see more and more jobs involving digital photos and videos from smartphones and other digital devices. With digital cameras in 64% of U.S. households and smartphones in 72% of households, almost every family has thousands of new, digital family memories. Even though they are already digital, these new media memories can be overwhelming to store, organize, and convert into more useful formats. That’s another way MemoryWise can help.
A MemoryWise in Every City
We believe that a MemoryWise store in every city is the key that will unlock the market for digitization services, to the benefit of all involved. We’ve seen the need for our stores first hand for 13 years in the Denver area, and believe our model can work in cities everywhere. Our convenient retail locations, our onsite, custom services and our friendly, personal approach will inspire and motivate millions of households to get their memories out of boxes and off mobile devices.
PMA Review and Forecast for the Photo Industry 2004; Media Ownership and Concentration in America, Eli Noam
Estimates created using historic household penetration and media purchasing data compiled from various sources including: Eastman Kodak Co., Merrill Lynch, Michael E. Porter (Cases in Competitive Strategy), U.S. Department of Commerce, PMA Marketing Research, PMA Camera/Camcorder, Digital Imaging Surveys, Jim Lindner (Media Matters 1/95), Washington Post 6/30/02, and the Wolfman Report on the Photographic and Imaging Industry.
Legacy Republic, Frost and Sullivan.
2013 Montgomery Technology Conference 2/28/13; Legacy Republic, Frost and Sullivan.
World Almanac and Book of Facts 2016, Consumer Electronics Association data.