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Introduction of Analysis of Entertainment
Industry
The industry of entertainment is
quite broad as it includes television, radio, print, and film. These segments
include books, magazines, newspapers, music, news, radio shows, TV shows, and
movies. In recent times, there have been significant changes and new trends
that have significantly influenced by the global entertainment industry
Macro-Factors of Analysis of Entertainment Industry
Following are the
most important macro factors affecting global entertainment industry:
Technology of Analysis of Entertainment Industry
In
recent times, there have been significant advancements in technology, which
have enabled its utilisation in the entertainment industry to be even more
efficient. For instance, a few years ago, visual effects were not as rich and
deep as they are at the moment. In addition to it, it enables entertainment
companies to reach the audience in a more effective manner than before. Other
than providing opportunities to the entertainment industry, it has some
drawbacks as well that need to be considered by entertainment companies. Technology
has served to make the industry very competitive as companies making the use of
advanced technology are able to meet customer needs in an effective manner. In
addition to it, these technologies cost a lot, which makes it harder for
companies to adopt them.
Political Environments and Activism
Recent
years have witnessed changes in the political environments and activism. Due to
it, it has become complex for the global entertainment industry to ensure that
a stable and neutral content must be promoted and it does not adversely
influence a specific portion of audience. For instance, protests against racial
discrimination have increased significantly over the years. It means that
companies need to promote the content which is ethical and meets all the
necessary standards or else it would negatively affect them
Micro-Factors
Preferences of Audience of Analysis of Entertainment Industry
One
of the most important macro factors influencing the entertainment industry is
changing preferences and expectations of audience. Considering the fact that
entertainment industry is not restricted by boundaries and is capable of
penetrating every nation, it has served to change the preferences and
expectations of audience. For instance, it is recognised around the world that
Hollywood produces high-quality movies with a combination of decent plot,
action, and stunts. This has influenced the preferences of people in other
nations. For instance, in Oman, people expect a similar quality in terms of
content. These changing preferences have influenced the global entertainment
industry significantly.
Targeting Complexities of Analysis of Entertainment Industry
Over
the last ten years, traditional approaches of targeting audience have changed
and one might say that some of them are even considered ineffective at present.
For instance, a few years ago, audience was targeted through television, radio,
and newspaper advertising. Today, a combination of digital and traditional
media is used for targeting audience. For instance, Netflix relies on both
electronic and digital media advertising for improving its reach and impact on
the audience. Thus, it has become important in the entertainment industry to
consider the right methods of targeting or else the expected returns might not
be generated.
Strategies of Netflix of Analysis of Entertainment Industry
In such a competitive and complex
environment, Netflix Inc. makes the use of Ansoff Matrix in terms of intensive
growth strategies and Porter’s Model for obtaining a competitive advantage in
the international market. This alignment can be seen as a factor in the
strategic position of company as a leading competition in the digital content
streaming market. The company focuses on series and movies, and the production
of genuine or original content. The business model of company includes a
revenue model of flat-rate subscription. As it has been explained above, the
global entertainment industry is dictated by advanced technology and Netflix
adopts the most advanced technologies in the production and delivery of its
services to the audience
In addition to the adoption of
technology, it produces content which does not adversely influence any part of
audience or community. For instance, it ensures that racial discrimination is
not encouraged or promoted in its content. In order to tackle the issue of
changing preferences of customers, it produces content that suits different
needs of audience. In fact, it dictates the preferences of audience and that
provides it with a competitive advantage in the market. In order to make its
targeting approach effective, it makes the use of both electronic and digital
channels. For instance, it relies on both social media and television for
reaching its target audience.
Entertainment Industry in Oman of Analysis of Entertainment
Industry
The changes and trends in the global
entertainment industry present both opportunities and challenges for the
entertainment industry in Oman. For instance, it enables entertainment
companies in Oman to adopt and make the use of latest or advanced technologies
to provide high-quality content to audience. In addition to it, it also
presents the opportunity of targeting the audience in an effective manner.
These are the opportunities while some important challenges include large
investments that must be made in the adoption of technology and producing
transparent content. Other than the production of transparent content, it is
also a challenge to meet the diverse needs of people. Still, if effective
strategies and revenue models are considered, then the entertainment industry
in Oman can be effective and profitable.
Conclusion of Analysis of Entertainment
Industry
Overall, it can be said that the industry of entertainment is quite broad as it includes television, radio, print, and film. In recent times, there have been significant changes and new trends that have significantly influenced by the global entertainment industry. Due to it, national industries have also been influenced. The recent changes and trends in the global entertainment industry present both challenges and opportunities for entertainment industry in Oman. With the adoption of advanced technology and utilising the right combination of strategies, the Omani entertainment industry can be quite profitable and effective. In fact, it can even expand and grow in the coming years.
References of Analysis of Entertainment Industry
Adhikari, V. K. et al., 2012.
Unreeling netflix: Understanding and improving multi-cdn movie delivery. 2012
Proceedings IEEE INFOCOM, pp. 1620-1628.
Moss, S., 2010. The entertainment industry: an
introduction. s.l.:CABI.
Vogel, H. L., 2014. Entertainment industry economics: A guide for financial analysis. s.l.:Cambridge University Press.
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