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Summary of Proceedings
EMA Board of Directors Meeting
October 25, 2007 – Los Angeles, California
The EMA Board of Directors discussed the following agenda topics and took the indicated actions at its October 25, 2007 meeting, held in Los Angeles, California.
I.Board Members
It was announced that GameStop and Best Buy have joined the Association and have each accepted invitations to name an individual to serve as a Director. The Board was also informed that changes in professional responsibilities required Tracey Koller of Target Corporation and Bryan Bevin of Blockbuster Inc. to step down as Directors. Target and Blockbuster will name replacements for them.
Chuck Porter of Giant Eagle was elected to serve as Vice Chairman of the Board, replacing Tracey Koller. In addition, Chairman Bob Geistman named John Marmaduke to an at-large seat on the Executive Committee.
II.Financial Report
The Board reviewed the Association's financial status through August 2007, which showed net income to be $118,000 below budget. The financial performance was affected by shortfalls in dues and trade show income, which were partially offset by better-than-anticipated returns from the Association's investments.
III.Home Entertainment Events Issues
The Board was informed that post-show surveys indicated high levels of satisfaction with EMA's Home Media Expo 2007 among key exhibitors and retailers. It was announced that three advisory boards – for major studios, independent studios, and digital technology – have been created to identify the expanding needs of existing exhibitors, identify new exhibitors and attendees, provide more promotional opportunities for exhibitors, and develop a significant digital technology focus for the 2008 show. The dates and location of the EMA's Home Media Expo 2008 are being finalized.
Staff noted that the 2008 AVN Adult Entertainment Expo would likely be impacted by challenging market conditions in the adult industry and the fact that AEE will overlap with the International Consumer Electronics Show for two days only.
IV.2008 Budget
The Board gave its unanimous approval to the 2008 budget for the Association. The 2008 budget projects revenues of $1.821 million, expenses of $2.116 million, and a net deficit of $294,000. Revenues will be derived primarily from dues, trade shows, and interest from investments. The major program expense categories are government affairs, trade events, meetings and committees, and the Independent Dealers of Entertainment Association (iDEA) division. The major infrastructure expense categories are payroll and lease and office expenses.
V. Audited Financial Statements
The Board accepted the certified audit report of the Entertainment Merchants Association's 2006 financial statements, which include the Entertainment Merchants Association Scholarship Foundation. The audit opinion was unqualified and found no management deficiencies.
VI.Membership
The Board voted unanimously to accept the 17 membership applications received between July 3 and October 8, 2007. The Association currently has 540 members.
VII.Committees and Councils
The Board reviewed the activities of the EMA Operations Committee, the Video Game Retailing Council (which recently conducted its inaugural meeting), and the newly formed EMA Digital Council.
VIII.Ratification of Minutes
The Board unanimously ratified the minutes from its July 16, 2007 meetings.
IX.Other Issues
The Board discussed several issues concerning ratings and devoted significant time to discussions of strategic challenges facing the home video industry in 2008 and 2009, including traditional entertainment retailing, as well as electronic and digital retailing. The Board received written reports on iDEA, anti-piracy developments, and the Association's government affairs activities.
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