You are probably right, but I don't buy new movies and I do almost all my purchases online. I have no problem paying 20$ or more for a DVD or a blu-ray and garbage bins titles aren't my cup of tea.
I'm not so sure that Shout! Factory sell more blu-ray than DVDs when the two format are releases. It wasn't the case for the Corman's Collection and this isn't the consumers majority who is equiped for the blu-ray format. Also it's evident the people on blu-ray.com purchase almost exclusively their titles on this format, but the fact remains that it is a niche market.