We aren't in an information age; we are in an entertainment age.
The share of the entertainment sector in the world economy is huge. Today, entertainment has become an indispensable part of our lives. From blockbuster movies to popular music, from online gaming to blogging and from theme parks to discotheques, entertainment has become the most crucial aspect that guarantees happiness and solace when it comes to refreshing our minds and satiating our souls. The entertainment industry, which is often referred to as the show business, largely banks on mass media companies for its control, production and distribution. Mass media refers to media through which entertainment is propagated to the masses; these include cinema, television, radio and theatre.
However, mass media distribution varies according to the economic development of a country. For example, better internet speed and network facilitate easy provision of services by Netflix, which is more popular in the West compared to other countries. With global media houses forming joint ventures, entertainment has reached the next level. This is one big reason popular reality shows and sitcoms now have local versions in different countries. Despite globalisation and international popularity of entertainment services, developed economies are performing better when it comes to offering different forms of entertainment to the masses.
According to a report by PricewaterhouseCoopers (PwC), “Services like Netflix and Hulu will help keep the U.S. as the biggest entertainment market in the world for the foreseeable future. Despite headlines extolling the booming entertainment and media markets of China, Brazil, India and other parts of the world, the U.S. will continue to dominate for years to come. In 2017, the U.S. is expected to account for $632.09 billion media and entertainment market, or 29.4 percent of the worldwide total of more than $2.152 trillion.”
As the global entertainment industry surges ahead with a double-digit growth, there is also a major shift of media and entertainment from being traditional to being digital. As per a McKinsey report, “Spending on media continues to shift from traditional to digital products and services at a rapid pace. By 2019, we believe digital spending will account for more than 50 percent of overall media spend. Within this, digital video spending will overtake physical spending by 2018.”
Some of the reasons behind the mammoth growth of digital media products and services are the cutting-edge development of mobile communication and immense growth of the Internet technology. Most of the digital entertainment services can now be served on mobile platforms, making them easily accessible for the general masses.
As digital entertainment has grown by leaps and bounds, problems of piracy and content control have surfaced. Different countries have resorted to various laws and protocols so that their content does not fall under any violation category. There are many aspects of media entertainment industry that are still developing in the cocoon of time and will come to light at the right time.
World of Business does in-depth coverage of international media companies and leaders operating those companies, along with the analysis on trends that are setting the stage on fire in the entertainment sector. Since consumers dominate any type of market, World of Business conducts surveys and presents popular choices that drive the huge entertainment sector.