Walt Disney Pictures just had their first $1 billion movie in Frozen. It was in the Top 10 for movies seen at theaters for 16 straight weeks and is still generating theater revenues despite being out on DVD right now. The entertainment industry as a whole is often seen as recession-proof because when the bad times hit, people like to escape to a fantasy world for awhile.
Entertainment Industry Statistics
In the last 10 years, the entertainment industry has grown by over 50%.
This growth has been in other areas beyond the typical major organizations that have traditionally provided entertainment. Video games in particular have seen explosive growth within the industry, more than doubling revenues in just 3 years. As spending in each category has increased, revenues have greatly increased as well.
Three Key Facts to Know Right Now
1. In 2009, there were over 7,000 feature films made. In comparison, only 1,700 were made in 1995.
2. The sale of books generates nearly the same amount of revenues for the entertainment industry as does ticket revenues for feature films.
3. More than 17,000 new video game companies were started in the period between 2005 – 2008.
Takeaway: The growth in this industry has been outstanding and it just continues to grow by leaps and bounds. The film industry is focusing on creating brand names and legacies that will continue to be moneymakers and this attitude has also been adopted by the publishing industry. In the largest recession of the last seven decades, book sales increased by over 5%! People enjoy being entertained, but they want good value for that entertainment.
Other Essential Facts From the Industry to Consider
1. In the United States alone, more than 2 million people have gainful employment as of February 2014.
2. The 10.7% unemployment rate within this industry in the United States is higher than the national average.
3. The largest single employment group in the US within this industry are amusement and recreation attendants. There are estimated to be just 16,000 actors/actresses.
4. The average hourly wage within this industry in the US is just over $19 per hour, but the average work week barely clears 20 hours per week.
5. Musicians make more money, on average, than actors do.
6. The global entertainment industry is expected to generate revenues of up to $1.4 trillion.
7. 3D screens have helped the movie industry stay competitive with the other forms of entertainment that are seeing growth.
Takeaway: People are looking for innovation in their entertainment and they’re willing to pay for it. Seeing a movie in 3D, for example, provides a more in-depth experience and ultimately a better entertainment value in some consumer’s minds. The same could be said about an interesting new book, a new song that is catchy, or a live concert that is an incredible social event. Whatever the individual preference may be, there is something that can entertain you right now that will provide value and let you get lost for awhile.