Introduction to the Entertainment & Media Industry

In recent years, entertainment, media and publishing have digitized, evolving into a highly dynamic industry, interconnected by global digital platforms in a manner that few people could even have conceived of a few decades ago. We’ve gone from static and flat (that is: books and media printed on paper, music on CDs, movies rented on DVD at the local Blockbuster, and TV networks that forced the viewer to be in front of the screen at a given hour in order to watch a given show) to always-on, user-controlled, portable and always-with-you. Now, the industry is driven by the needs, habits and desires of individual consumers: delivering content that is accessible as customized digital streams; serving up news, entertainment, movies, ebooks and music on-demand. If you don’t know what you want to watch, listen to or read, the best digital platforms push suggestions to you. Subscriptions to immense media collections (e.g. movies, ebooks, music), rather than individual product purchases, have further driven massive changes in the industry. The most dynamic trend in entertainment is the soaring use of subscription-based streaming apps as a replacement for traditional cable, satellite and broadcast TV.

Entertainment and media, as a broad sector, are somewhat unique in that revenues are generated by multiple methods. Primarily, these methods are: 1) outright purchase, such as the download of an ebook or the purchase of a magazine or a movie theater ticket; 2) subscription, such as cable TV fees, app fees (such as Netflix) or subscriptions to magazines or to music on Pandora; and 3) advertising fees. Many media rely on a combination of subscription fees plus advertising revenues. For example, most magazines have a set price (whether in print or by digital subscription), but they also contain paid advertising. Elsewhere, subscribers pay for cable TV service, but then are subjected to seemingly endless commercials on cable channels.

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