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The Entertainment Merchant Association |
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VSDA Board of Directors Meeting Summary October 27, 2004 -San Antonio, Texas The VSDA Board of Directors discussed the following agenda topics and took the indicated actions at its October 27, 2004 meeting, held in San Antonio, Texas.
I. Ratification of Minutes The Board unanimously ratified the minutes of its July 13, 2004 meetings. II. Ratification of New Members Upon a motion duly made and seconded, the Board voted unanimously to accept 57 membership applications received between June 29 and October 5, 2004. III. Financial Report Staff reported on the preliminary financial results for the year-to-date, through the end of August. It was noted that the Association's net revenues were approximately $100,000 better than budget, with Joint Venture income higher and interest income and dues revenue lower than budget. IV. 2005 Budget The Board unanimously approved the 2005 budget for the Association. The budget projects approximately $2.7 million in revenues, primarily from trade shows and dues, and $2.4 million in expenses. Approximately one-third of program expenses are allocated to the iDEA for activities to benefit independent video retailers. Another third is dedicated to government affairs, and the remainder is for all other programs. In conjunction with approval of the budget, the Board unanimously approved the 2005 membership dues structure. V. Anti-Piracy Initiatives The Board was briefed on the Association's upcoming anti-piracy consumer education campaign that will be presented in retail outlets. The Board also discussed current anti-piracy legislation and litigation. VI. HEE Issues The Board reviewed the results of VSDA's Home Entertainment 2004, which performed well financially and in terms of attendee and exhibitor satisfaction, and the Home Entertainment Retail Expo, which received excellent reviews but did not meet financial expectations. It was reported that exhibit sales for the 2005 AVN Adult Entertainment Expo are on pace to set a record. Due to the dedication of one show day to trade attendees only, resulting in one fewer "fan day," however, it is possible that revenues from the show could be below those of 2004. VII. Independent Dealers of Entertainment Association The Board was briefed on the status of initiatives of the Independent Dealers of Entertainment Association (iDEA). VIII. Potential Merger with NARM The Board discussed the status of negotiations on a potential merger of VSDA and the National Association of Recording Merchandisers (NARM). While the Board expressed disappointment that the VSDA and NARM shows would not be co-located in 2005, the Board stated that a merger represents a positive strategic opportunity that VSDA will continue to pursue. IX. Appointment of a Canadian Representative The Board received a recommendation from the Retail Council of Canada that retailer Nick Novakovich be appointed as a Canadian representative on the Board of Directors for a term to expire in July of 2005. The Board voted unanimously to appoint Mr. Novakovich to fill this seat on the Board. X. High Definition DVD The Board reviewed plans for retailer education on high definition DVD and discussions with suppliers about the new formats. XI. Other Issues The Board received written reports on the Association's government affairs and research activities and membership, the Coalition of Entertainment Retail Trade Associations, and the VSDA/NARM Joint Operations Committee.
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