The increase in digital distribution of video content offset the decline in sellthrough for packaged media last year, Time Warner CEO Jeff Bewkes said at an investment conference in Palm Beach, Fla. "The challenge is to move the business to the higher-margin sales of electronic movies rather the low-margin rentals like kiosks," said Bewkes. He also reported that Time Warner last year collected $350 million in revenue from licensing serialized content to Netflix and Amazon.

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