The music industry incorporates many individuals, more than just those that write the music or perform it. It’s an intricate web of producers, record labels, retailers, managers, and a plethora of other careers that can come about just from music. The music industry has really transformed over the years. In the late 19th century, it was sheet music that brought in the most profits. However in the mid-20th century, records (vinyl, 8 track, cassette, cd, digital) overtook sheet music as the main source of income. In recent years, live music has really taken off. Earlier in the blog series we talked about piracy as potentially being detrimental to the entertainment industry. Nowhere does that ring truer than in music. Illegal downloading has really hurt profits, yet on the other hand it has opened up more avenues to find new artists and possibly buy music and merchandise that wouldn’t have been purchased before. While there are a lot of worries in this industry, some countries are seeing a continued growth. However partly because of the piracy issue, partly because of the digital age of the single, record sales just aren’t enough anymore to keep many in the music industry afloat. So what can be done for the industry?
globalEDGE Blog - By Tag: entertainment-series
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It is no secret that the entertainment industry is undergoing massive changes (just like any other industry) with the rise of the internet and new technology. In part 2 of our blog series, we talked about how the industry has had a huge increase in pirating. I think there’s no doubt that increase is largely due to the internet making pirating much easier. While that’s one way that increased technology has negatively harmed the industry, there are many positive ways that technology is helping the entertainment industry.
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The entertainment industry has many different facets, and each country seems to have their own spin on each of these. One thing that seems to be universally enjoyed by every culture is live music. There really is nothing quite like it. Mp3 players and stereos are great, but nothing can replace seeing your favorite band live in concert. The music industry thrives off of this desire. Artists from all different countries plan world tours and plan shows in some of the world’s most impressive venues. Concerts have become their very own version of business. With fans willing to spend such a premium to see their idols, concert venues have turned into extremely lucrative buildings. There are some venues that truly stand above the rest, and make concerts that much better. Here are just a few of the world’s most captivating concert venues:
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For just about as long as any living person can remember, Bollywood and Hollywood have both been producing movies and been dominating their respective countries and audiences. As far as Bollywood goes, many people in the U.S. view this burgeoning industry as a distant neighbor (although Bollywood was created 11 years before Hollywood, in the 19th century no less) of our hallowed Hollywood. In some sad cases people think it is just a misspelling of Hollywood. With both Hollywood and Bollywood having already survived over a century each and the massive trend towards globalization, most people would think the similarities between the two would be great. In actuality, the difference is vast.
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While the global entertainment industry may appear to be thriving, there are serious threats to its long-term prosperity. Many countries have been accused of failing to effectively protect intellectual property rights. Some businesses may be forced to reduce global marketing and sales efforts if this trend continues. An article in the globalEDGE Business Review estimated that worldwide counterfeiting has increased from $6 billion in the 1980s to over $600 billion today. Even the most prosperous of businesses would struggle to cope with such overwhelming losses.
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A quick look around the globe can show you that the continued growth in emerging markets have led to rapid changes in many industries. One of the industries that many people seem to overlook is the entertainment industry. Global entertainment is actually in the crosswinds of many trends that have changed (and will continue to change) the face of entertainment.