The average new DVD movie costs over $20 and closer to $30 if on blue ray. If choosing to rent it, you will be looking at a price tag of at least $5 for a new release. If you choose to go out and see the movie in a theater then you're looking at between $13 and $18, depending on the type of screening -eg. regular or 3D. The music industry has not changed much either, with concerts and CDs at or above the price level of the 1990's. Sure you can buy someone's music on iTunes, but that only saves you maybe $5 while not actually receiving a physical copy of your purchase.
Even though the media industry complains that their sales are falling they continue to produce a product that they sell for a higher rate than they did previously while so much of the world cannot afford it. If your market audience cannot afford your product and you are loosing money, then the logical step is to produce a cheaper product that can therefore be sold more cheaply. The other side of the coin is to produce a product with additional value for the same price. However, neither step has been taken. I find this odd.
|Even Obama is into Star Wars!|
What I hope to see is that the media industry begins to lower the prices of their products to reflect the economic climate we are in today. Perhaps this means the industry will need to spend less money on their products, such as slashing movie budgets. This would not be a bad thing as movies of generations ago did just fine with smaller budgets. Secondly, the media industry cannot expect to make as large of profits as they do now when their consumers have less to spend. It makes little sense for companies to be expecting to make more when their audience has remained virtually the same size and has less to spend. Where do they expect their extra revenue to come from?
|Prevalence of the entertainment industry in today's culture & society.|