Global Entertainment Media: Massive Industry and Huge Revenues

Description

Global entertainment industry has become a strong part of the world economy. The entertainment industry is proving its strength by generating revenues, bringing taxes, creating jobs and the competition among the entertainment companies is growing tougher each day. America, Germany and UK taking the lead while Japan, Korea and India rising fast!

- Entertainment Evolution and its Contribution to the Economy

Entertainment existed since ancient times. Being an integral part of the human life and culture it started simply with one or two forms of entertainment and as the civilizations evolved and human imagination grew wider, many more themes and ideas were added to the entertainment media.  Even in the old days it contributed to countries’ economy and with the rapid growth of population and increase in the demand of entertainment it became the backbone of the wealth for the countries that own huge media and entertainment industry.

Have a look of United States’ industry of entertainment; Walt Disney is a top media entertainment industry and employment rate counts as one of the strongest pillars of US economy. The entertainment sector contributes in creating jobs and bringing taxes. According to an estimate 500,000 jobs were lost until 2009 due to strict travel regulations and prospering business of pirated contents.

- The Entertainment Media and Three Competitors: America, Japan and India

After the commencement of the third millennium, the globe is witnessing three giants in the media and entertainment industry making a huge triangle on the whole globe dwarfing all other media and entertainment production by the others. USA, India and Japan are increasingly managing their strong hold on the entertainment media with multiple efforts.

Apparently Hollywood has little to fear from Japan as the former produces 800 films (these have a global exposure)a year while the later only 300 but for Japan the real strength of competition lies in its interactive digital gaming and the smart use of animation in digital entertainment. Its interactive technology is outpacing traditional forms of films and video and Japan is years ahead in this form of entertainment business from the rest. 

Indian media and entertainment industry worth US$ 13.23 billion, is making rapid growth. The Indian national entertainment media is backing the country’s financial system strongly in the current tough global economy.

- How the Entertainment Industry Flourishes Economy and Creates Great Entertainment

The most well-known forms of entertainment have the ability to intersect other media and that can tell you how the entertainment industry has witnessed creation of unbounded and innovative remix which has always been widely appreciated and loved by the masses.  This has played an important role in a nonstop formation of images and themes of different structures like drama, plays, clips, movies, theater, musical shows, TV series, opera and many more. The highly creative ideas have brought long lasting production of entertainment items and that explicitly narrates the story of entertainment media venture.

Many factors contribute to the interconnection between entertainment and media. The first and most active factor is ability to reach the masses in very short time. Then, the availability of multiple entertainment options in audio and video forms is another bonus of entertainment media. Another fact that cannot be ignored is the unlimited pleasure and leisure of these highly enjoyable media productions.

Concerning the strong role that media entertainment management plays in entertainment business, you can see that millions of dollars circulate in the economy of countries where the entertainment media is flourishing under disciplined and organized ventures.

GLOBAL ENTERTAINMENT INDUSTRY

When one talks about globalization and its factors than it means the interaction and incorporation between local public, corporations and governments of various countries with the help of trade and investment  assisted by technology and media. It does not only effect environment, culture, system, financial growth but also on behaviours. Major media involved in globalization is basically the entertainment media. Because entertainment media involves drama, movie, cartoon, music, celebrity shows and programs which directly effect on culture, societal norms and values, economic growth as well as behaviour of people.

Entertainment media industry does not only add in globalization worldwide but is also globalising in itself. In media a fewer organizations and corporations own the most shares of the mass media. Most of the media is dominated by a small number of companies. These ruling media companies are called media conglomerates. These include Time Warner, CBS Corporation, The Walt Disney Company, Viacom, Sony Comcast and News Corporation. The Walt Disney Company has been rated as the largest media conglomerate in the US according to 2012 results. Media ownership of these companies means that they have the complete state of control over information all over the world in one way or the other.

According to PwC;

“The U.S. remains the largest, most valuable territory in the world for all filmed entertainment,”

The professional services firm gives the facts and figures about this global entertainment industry that in the U.S this sector will grow 3.4 per cent annually, from $31.04 billion in 2013 to $36.35 billion by 2017, while globally; film revenue will grow at a rate of 3.6 per cent per year to $106.01 billion by 2017.

The entertainment industry basically refers to the big business.  Japan is developing the related technologies in entertainment industry and this thing has merged as a fear for Americans as the entertainment industry in japan can give the Americans a run for their money. No doubt entertainment industry is big in U.S. and is simply an emergent industry in Japan. There are a few reasons for this. Firstly, U.S. industry is quite open but Japanese entertainment industry is not easily accessible. Japan does not import what they can make themselves and they usually have an export strategy. They are far ahead in technological development like cell phone technology and digital animation.

Hollywood has a fear in the film industry business from Japan, because they turn out 800 films a year and Japan releases less than 300 but still now in measures of new digital media generation Japan is a heading.

In entertainment industry bar of business excellence is always high. Companies have to develop and use new technology, to bring variety in models and to satisfy consumers’ needs. In the mean time they also have to develop strategies to manage costs, satisfy stakeholders’ anticipations and to pace with new regulations and demands.