The Entertainment Industry will keep Growing

            Despite the fear that recession was going to affect it badly, the entertainment industry has continued to boom. The consumers continue to spend a large portion of their income on entertainment.  From 2000 to 2008 expenditure on entertainment as a function of income rose by 15%. Employment in this industry also rose impressively.  Employment saw a growth of close to 20% overall in the entertainment industry. Not just this, the industry itself saw an overall growth of 66% during the period from 1998 to 2010. Content production in the industry is also growing at a incredible pace. It would not be wrong to say that it is an age of absolute abundance in entertainment for the consumers. Not just the amount of content being produced but the variety is also large which is accessible to a larger group of consumers than it was ever before.

             For the creators of entertainment content it is an amazing age of opportunities. With restrictions slowly falling more and more people are entering the arena to become content creators. Increasingly the internet is being used to publish, promote, distribute as well as sell the entertainment products. As studies show internet has added to the pace with which the industry was growing. In fact entertainment is one of the industries which has benefitted the most from internet and use of internet tools. It won’t be wrong to say either that internet has become the second avenue of entertainment.

            The growth of entertainment industry has not remained limited to US but instead worldwide other countries have also experienced similar growth.  The hype around China has become the loudest in the film industry category especially. Yet, studies have revealed that the scene will continue to be dominated by US in the entertainment and even the film industry. Price Waterhouse Coopers in its 2013-17 Global Entertainment and Media Outlook mentions that US will continue to dominate the booming entertainment and media markets for years to come. During 2012 the US entertainment and media market generated around 29% of the worldwide revenue.  PwC expects that US is going to move above the $100 billion line in 2016. Netflix, Hulu and Amazon are going to be the biggest contributors to this growth. PwC also cited that piracy was going to remain a problem even in the coming years. Overall, in the industry another segment that continues to grow fast is video games. In the global E&M market US is going to remain the leader coming before Japan, China, Germany UK and France.