The answer depends on whether you believe it’s appropriate to include streaming services led by Netflix in the spending tally that DEG: The Digital Entertainment Group released today.

The industry organization does, saying that U.S. home entertainment spending hit nearly $4.6 billion in Q1, a 0.2% increase over the same period in 2014 — including $1.1 billion from subscription streaming, +22.9%.

New theatrical films “delivered exceptional annual growth of more than 60%,” DEG says.

DEG Q1 2015 chartDVD and Blu-ray sales accounted for $1.6 billion but fell 13.3%. Also declining were brick-and-mortar rentals ($168.9 million, -3.8%) and subscription disc rentals ($190.3 million, -15.2%). The results look better for kiosk rentals ($535.5  million, +7.7%).

The losses in discs were offset by growth in digital sales and rentals when you include streaming. Electronic sellthrough hit $430.9 million, +22.3%, while VOD spending fell 4.7% to $551.7 million.

But do Netflix and Hulu belong in the tally? (DEG doesn’t count Amazon Prime, which bundles its streaming service with discounts on e-commerce deliveries.)

MoffettNathanson Research’s Michael Nathanson is in the forefront of analysts who believe they don’t. Adding the fast-growing services is “a red herring designed to puff up the numbers,” he said in January. DEG never folded in other subscription services such as cable TV or premium channels HBO, Showtime and Starz. What’s more, the subscription streaming services “are mostly comprised of TV products, while the majority of DVD or VOD transactions are related to film.”

If you take streaming out, then home entertainment spending totaled a little less than $3.3 billion, a drop of 4.9%.