Global Market Trends of The Entertainment Industry

Global Market Trends of The Entertainment Industry

When it comes right down to it, the global market for Entertainment is divided into 2 main sections:  “The New West” (mainly US, Australia, UK with Asia and Africa following) and “The Old West” (Mainly Europe, South America including Mexico, Middle East and Greenland).  For one of a better definitions, let’s call it “New School & Old School Market Trends”

When it comes to the industry of promotion, marketing and advertising, the Old school has NO market (especially for the indie artist).

To better explain this let’s look at 2 main examples:

1.)   - Think of TV & Radio (which is the main tool for promotion and marketing).  TV and radio is built on, and run by advertising and marketing.  Without it money cannot be generated for the programmes that are shown.  The more popular the programme = the more money that people will spend on advertising during that programme, this then dictates the time on which the programme will be shown to maximize it’s audience.  Prime time programmes are where the most popular shows are shown and therefore the more expensive advertising.

2.)   – Sponsorship.  The Superbowl is one of the biggest sporting events in the US.  This is not only just due to the TV (prime time) position but also due to the sports sponsorship.  Millions is spent on the sport making it a lucrative industry.  Players are then paid for this and everyone makes money.  Notice how woman’s football, cricket, baseball and le-cross fail to excel to the same level in the US?  This is simply because the advertisers and sponsors see no value in these sports so no money is moved around them.  Outside the US: The Commonwealth games is only important to Commonwealth Countries and therefore the market trends are focused there….Anyone in Europe care about Cricket?  So will the European market invest money in it?.......No.

So basically from these simplified examples we can determine that within the realm of entertainment, the value is set by the sponsorship and advertising market.

“The Old School & New School” global attitudes work differently with market trends and therefore the Entertainment industry market will do also.  There are pros and cons to both the “The Old School” attitude, and “The New School” depending on your area of industry.  This article will focus on the Entertainment industry.

Most English speaking countries are considered to be, or are on their way to becoming, the “New West” market (mainly US, Australia, UK with Asia and Africa following) when it comes to the entertainment industry.  Heavy on fluff, flash and sparkle, this industry is like a giant “used car salesman’s” pitch.  US heads this market with Hollywood and LA being famous globally for it’s Entertainment market.  Musicians and Actors around the world know from a young age that this is the Mecca to make it in for their career path, even before they have any market knowledge.  This is highly due to it’s market attitude that stems back to the New York Broadway days.  The glitz and glamour that flows through recordings and Film/TV is felt globally and even the “Old West” and non-US markets are dazzled by it.  Large amounts of money moves around it.  Big businesses and companies sponsor it and ceremonies like the Oscars award those who bring these companies high returns on their investments.  Like the sporting example above, if you can bring the people to the movie seats, and make a profit for the movie studio, you will be awarded and can then charge more for your next project.

This is the same with music and its industry:  Promote and get popular = more advertising and sponsorship = Lucrative career for the artist/entertainment business.  This may mean that you will have to dive into the seedy world of the used car salesman and all its flash and pitches, especially today when the indie artist needs to be their own marketer/manager.

WARNING:  This will not work in the landscape of “The Old West” (Mainly Europe, South America including Mexico, Middle East and Greenland).

This market was not built on the same ‘used car salesman’ history.  The attitude here is of “The Straight Shooter” approach.  All glitz, glamour, pitches and flash is pointless.  This is an honest market, straight forward and to the point.  Precision and targeting is what makes this market the most powerful in the world for just about every business market that exists…….Every market, except the Entertainment market!  Unfortunately this market involves so much of the “Used Car Salesman” that it can not survive in the world of “The Straight Shooter”.  Although a great environment for live shows and artistic attitudes, the career industry beyond that is barren.  Musicians here lack the will and sometimes drive to further their career as they have been brought up knowing this barren wasteland and resign their tool of trade to a hobby or weekend interest.  How many foreign films make it big?  How many European bands can you Name?  Therefore will sponsors and investors back this market?......No!

The internet has thankfully given those in “The Old West” hope and belief that they too can call out from beyond this barren wasteland to be heard by those in the land of milk & honey.  Those still hungry enough and driven enough to go on can find a place where “The New West” can hear them.  Maybe it’s there they can make it….And then they can return as “Used Car Salesman” to a career entertaining “The Straight Shooter”

Memphis Nights

Songwriter, Musician and Producer.

www.myspace.com/memphisnights