Thursday, March 12, 2020
Global Entertainment Industry Surpasses $100 Billion for First Time
Variety: The global entertainment market — consisting of theatrical and home entertainment — has surpassed $100 billion in revenues for the first time in history, with earnings reaching $101 billion in 2019, according to a new report released by the Motion Picture Association.
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I’m a little surprised it wasn’t there already, to be honest. The coronavirus crisis has, in some ways, exposed how dependent we all are at this point on the entertainment industry to keep us occupied and entertained. The massive shutdown of concerts, theaters, and other live entertainment performances has left us all in our houses, dependent on streaming and movies and TV to keep us from going insane in the next couple weeks and having to rely on… books, or something. The insane revenues really aren’t too surprising - there are so many ways to consume media, and they’re so widespread as to be immensely profitable. The unfortunate side effect of movies, in particular, having the potential to earn so much money is that often movies are now made for the sole reason of getting more money rather than trying to create a good, entertaining piece of art, however. But there’s such a large market for digital entertainment at this point that this isn’t surprising.
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