Questions Choice and Concern

How does the entertainment industry influence the economy?

Airtract

Ehsaan Ali

Seek to be whole not perfect

Entertainment is an event, activity or performance which is designed or targeted to entertain others watching it. As per statistical data, in 2020, the industry of entertainment and media market in the US will worth above 720.38 billion U.S. dollars. This figure is quite impressive and gives a clear picture of the golden future of the industry on a global perspective. If we check back the data of the year 2015, we will see that the entertainment, as well as the media market, was around 1.72 trillion U.S. dollars and capable of reaching 2.14 trillion by 2020. Entertainment is technically marked as an export commodity.  The surprising fact is that the three critical performers of this industry of Entertainment are Music, Movies and also Games.

Few influences of the entertainment industry on the economy:

•    PwC Research firm expected revenue from the sector of media and entertainment would touch an estimated $2.2 trillion and that too by 2021.

•    The industry of music earned mammoth $43 billion in the year 2017. 

•    $43 billion proved to be the peak revenue for the production of music, since 2006.

•    Almost 70.1% of the of this industry share is conquered by three leading brands — Sony, Universal, and Warner.

•    Its listener owns below 15% of the music which was heard in 2017.

•    The film which was pirated maximum in history — Avatar. This film was downloaded illegally more than 21 million times.

The above are some of the major statistics of the entertainment industry which actually created a huge influence on the world economy. The actual fact is that Entertainment is one of the big businesses and it relies hugely on the capability of the consumers and how much they want to spend for it. Entertainment is basically a form of activity and its role is to hold the attention as well as the interest of the viewers or audience and offer them pleasure. This industry has developed for over some thousands of years. 

Entertainment plays an important role in the life of people as it brings huge population together.   It is one of the best ways for people to create a strong bond with each other. It supports in diverting people's attention away from the lives which are highly demanding at least for some time and bring some freshness. In short, entertainment is a mix of fun and pleasure. People need entertainment and so it’s an ever-growing industry contributing hugely towards the economy of any nation.

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