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.