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Summary of Proceedings

EMA Video Board of Directors Meeting

October 27, 2006 - Nashville, Tennessee

The EMA Video Board of Directors discussed the following agenda topics and took the indicated actions at its October 27, 2006 meeting,  held in Nashville, Tennessee. 

I.  New Board Members 

The Board appointed Bruce Eisen (President, CinemaNow) as a Director. It was also announced that Greg Hart (Vice President of Music,  DVD, Software, & Video Games) would now be representing Amazon.com, replacing Matt Yeatts.

II.  Financial Report

The Board was informed that net income for the year-to-date (through September 30) was approximately 17% better than budget (exclusive of costs associated with the merger of IEMA and VSDA). The positive financial performance was attributed to better-than-expected joint venture and interest income and savings in payroll. Dues income is expected be below budget as a result of consolidation in the industry.

III.  2007 Budget

The Board gave its unanimous approval to the 2007 budget for the Association. The 2007 budget projects revenues of $2.765 million, expenses of $2.312 million, and net income of $454,000. Revenues will be derived  primarily from dues and trade shows. The major expense categories are government  affairs and the Independent Dealers of Entertainment Association division.

IV.  DRM Compatibility

The Board approved a statement calling for the adoption  of interoperable digital rights management (DRM) systems, which posits that DRM compatibility would satisfy consumer expectations and encourage consumers to buy and rent more digital media rather than download pirated, DRM-free files. In taking the action, the Board endorsed a statement on DRM compatibility issued by  the National Association of Recording Merchandisers on July 27.

V.  Home Entertainment Events Issues

It was announced that exhibit sales for the 2007 Adult Entertainment Expo are strong and pre-registration for the event is ahead of  last year at this time. The Board was also informed that the number of fan hours at the Expo will be reduced and trade hours increased.

VI.  Membership

The Board voted unanimously to accept the 50 membership  applications received between June 24 and October 3, 2006. It was noted that  CinemaNow has joined EMA.

Staff identified leading category retailers, digital retailers, video game retailers, and former IEMA members as key recruitment categories in the coming months.

VII.  Scholarship Foundation

The Board, by a unanimous vote and a majority of the entire Board, adopted new bylaws for the Scholarship Foundation. The new bylaws  change the Foundation name to the "EMA Scholarship Foundation" and streamline the applicant review and scholarship award processes.

VIII. 2005 Audit

The Board unanimously voted to accept the audit report of the Video Software Dealers Association's 2005 financial statements.

IX.  Ratification of Minutes

The Board unanimously ratified the minutes from its July 10, 2006 meetings.

X.  Other Issues

The Board received written reports on government affairs, the recent meeting of the Retail Advisory Council, the activities of the Independent Dealers of Entertainment Association, and anti-piracy initiatives.