SOCC44H3 Lecture 9: Thorough Notes on Lecture 9

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Film: production, content and reception: economics of entertainment & popular music. the music industry is the biggest money maker in all of the entertainment industry. 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 don"t satisfy any physical need, because they mostly satisfy psychological/esthetic 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. uncertainty does not allow you to plan.

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