From the folks who brought you "Top Gun" and "E.T." comes the next hot video title, "Home Alone," due in stores Aug. 22 and priced at $24.98.

The folks in question, however, are not the movie studios. We're talking about Pepsi, the soft-drink company that put its commercials on those cassettes and, for "E.T.," further induced buyers with a $5 rebate program. The rebate for "Home Alone" - obtained by mailing in the form packaged with the cassette, the video proof-of-purchase tab and a Pepsi proof-of-purchase - brings the price to $19.98. The offer will expire on Jan. 31, 1992.This effort is part of a promotional push by Pepsi, American Airlines and FoxVideo that, at $25 million, is unprecedented for a new film on videocassette.

"Home Alone," the movie about spunky 10-year-old Kevin McCallister (played by Macaulay Culkin), who defends the family homestead against two bungling burglars, was a surprise sensation at the box office last year and is still playing in theaters. Its theatrical take of $268 million makes it the third-highest-grossing movie of all time, behind "E.T. - The Extra-Terrestrial" ($399.8 million) and "Star Wars" ($322 million).

But it's not so surprising that Pepsi has made promotion of the FoxVideo cassette the culmination of its season-long "Summer Chill Out" campaign. A Pepsi commercial starting in August will advertise the rebate, and coupons for free copies of the video will be randomly inserted in 24-pack cases of Pepsi brand soft drinks.

"Home Alone" will be the first major low-priced title to benefit from two sponsors. American Airlines, whose name appears prominently in the movie as the airline on which Kevin's family is flying to Paris, will get a 10-second promotional spot before the Pepsi commercial.

In the cassette will be a coupon redeemable through American for a discounted adult round-trip air fare, both domestic and international. (A second proof-of-purchase tab for this second sponsor will be on the cassette.) The amount of the discount varies according to the ticket price, with the highest being $100 off a normal fare of $700 or more and the minimum $35 off a fare of at least $199.

The insert will detail other restrictions, and American will promote the program through its July mailings to members of American's frequent-fliers program. As for other advertising, it almost goes without saying that anyone traveling on American this summer will be advised of "Home Alone's" imminent release.

All this sponsor activity is not to overlook the efforts of FoxVideo itself to make sure every young admirer of the resourceful Kevin gets his or her hands on the cassette. Besides a heavy TV advertising campaign, including some commercials designed expressly for the holiday period later this year, a "Home Alone" merchandising bin at stores will contain a poster to be given away to each purchaser.

The poster is not simply a downsized version of the theatrical one. It's a map of the many rooms of the McCallister household, recapitulating Kevin's exploits by laying out all the traps and tricks he uses to trip up the thieves. It's a natural for the wall in the children's room, and one can only shudder at the prospect of parents being subjected to trial runs of Kevin-inspired mischief.

To lend a sense of urgency to the whole affair, Fox intends to put "Home Alone" on moratorium - that is, withdraw it from the market - at the end of January. By then, Fox expects to have sold 10 million copies, putting it in the rarefied sales category of "Batman" (9.5 million) and "The Little Mermaid" (9 million).

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Is there a chance it can pass the No. 1 video, "E.T." (13 million)? Well, as Fox well knows, Kevin is full of surprises.VIDEO QUESTION

Q: Every time my wife dusts the TV set, all the little picture-control wheels get moved. Can I buy a video of color bars for help in readjustment?

A: Electronix Inc., a professional supply company, has made a 15-minute tape called "The VCR Playback Test Tape," $24.95. It contains color bars and other test screens for picture adjustment. For information, write to the company at 313 W. Main St., Fairborn, OH 45324. - Andy Wickstrom (Knight-Ridder)NEWLY RELEASED VIDEO

ALMOST - With the same lofty ambition as "Romancing the Stone" - attempting the divine melding of romance fiction with filmmaking - "Almost" yields decidedly scantier returns. This is one of those movies where the first half is spent wondering when something is going to happen, and the second half wondering how the director failed to notice that nothing ever does. Rosanna Arquette stars as Wendy, a bored house-wife/clerical-pool drone who escapes the drudgery of her life through the romances she reads. Nothing ever makes sense. And I feel kind of stupid to have taken so long to notice that Arquette really can't act. Magnum. - Tom Maurstad (Dallas Morning News)

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