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Lecture 9

Thorough Notes on Lecture 9

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Ivanka Knezevic

SOCC44H3 Media and Society Fri, March 252011 Film: Production, content and reception: Economics of entertainment & Popular music The music industry is the biggest money maker in all of the entertainment industry Economics of entertainment Importance of distribution (including marketing promotion and advertising) for commercial success of all entertainment products by promotion she means appeal to institutional regulators (in one of the readings) Reason: entertainment products are commodities with elastic demand. Because they dont satisfy any physical need, because they mostly satisfy psychologicalesthetic needs, their demand goes up and down based on the economic cycle When economy is up, demand too goes up Food is considered the least elastic commodity Entertainment industry operates in conditions of high uncertainty at both input and output points. High uncertainty is a very inconvenient situation for any corporation to be in companies prefer certain small profit rather than a possibility of large profit Why is certainty of a profit preferable? Uncertainty does not allow you to plan Ex: on an airline, if you know the certainty of your income, you know how many planes can be active, which flights to cancel, how much staff to hire, etc. Uncertainty at the input point: you never know that the product (comedy movie) you are creating will satisfy the audience (make them laugh) Uncertainty at the output point: all entertainment industries are characterized by overproduction there are large numbers of films produced, most of which will not show a profit mostly because people dont spend their lives at the cinemas. People watch about 5-7 of the large numbers that are pumped out and this makes film making unproductive You can counteract uncertainty at the output point not by producing a better movie, but make sure that the audience knows about your product and develops a positive attitude to it. How would you create a positive attitude towards your music for example? Speak to people at local radio stations the most secure way of promoting your music is radio play if you can persuade them to provide you publicity (call you in to a radio show) and having them play your music, youre reducing uncertainty at the output point This uncertainty is managed by: 1. Proliferation of contact persons at the input point (cf. Bielby and Bielby); Keeping the communication open between the actors, directors, producers, etc and the management of tv studios who commission the work
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