It is unlikely that the entertainment industry can escape the effects of the present global economic situation. Different areas of the media entertainment experience effect of recession in different gravity . Some areas of the business stay strong but according to statistic study, the film production has sent 75% to 80% of the production crews into unemployment in Los Angeles alone. (Gumbel, 2009) This economic effect in the biggest entertainment production in the United States caused many media entertainment companies to be hesitant in spending more for their productions.
With the wide range of the entertainment business, there are areas of the industry that show weaknesses on the present economic recession. According to Alan Gould, advertising is in a difficult situation because of the adjustment it has to undergo. This transition requires applying traditional advertising media to allow the allocation of money until the economy will be in a better situation. (Ibarra, 2008) On the other hand, unanimous agreement on wise decision and reinvention of entertainment production is a way for this business to succeed.
On the other hand, many people involved in the entertainment industries still hope that the entertainment will survive the economic turmoil. It has also been viewed that practical measures must be taken so the business will be spared from the major economic downfall due to the recession. According to Matt Cherniss (2009), “In past seasons, it was very easy to get caught up in the mania of pilot season. Now, in this environment, you have to be very discerning with not just who you cast or where you decide to shoot but which pilots you make, too.
” (Michael Schneider, 2009) Moreover, the technological development provides an advantage for the production of video, music, and television entertainment. Since this industry is based on the vast public patronage, the entertainment industry is still persisted by many to survive. Ms. Thomas, like the other panelists, remains optimistic about TV and filmed content, believing the industry will “flourish” even after some setbacks. “The human condition embraces being entertained,” she said. (Ibarra, 2008) CONCLUSION
With the on set of the economic recession, most people consider saving than spending money. This provides an obstacle for the industry of entertainment to allocate and gain money on their productions. However, creativity of the media production is an advantage to bring the decreasing income of the entertainment business into a huge money-making business again. The recession is a wake-up call for those in the entertainment production business. Generally, the media production will survive recession. REFERENCES: Ibarra, Sergio. (November 20, 2008).
Media Still Recession Resistant, Panel Says. TV Week. Retrieved May 3, 2009, from <http://www. tvweek. com/news/2008/11/media_still_recession_resistan. php> Gumbel, Andrew. (April 27, 2009). Hollywood feels the pinch: Film production at standstill. Guardian News and Media Limited. Retrieved May 4, 2009, from <http://www. guardian. co. uk/film/2009/apr/27/hollywood-film-industry> Schneider, Michael. (February 23, 2009). Economy pinches TV pilots. Variety. Retrieved May 4, 2009, from <http://www. variety. com/article/VR1118000479. html? categoryid=3284&cs=1>
Courtney from Study Moose
Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/3TYhaX