Marketing 400.docx - Summary As the entertainn'ient...

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Unformatted text preview: Summary As the entertainn'ient industry has grown and the synergy between sectors has increased, the ability to make things happen, to break logiams, and to build eFf'ective teams has become increasingly important. Although the plast of early Hollywood reveledin their power in the domfitic film businEs, today's mogul extends his or her reach well beyond the movifi themselvfi. Through distribution, licensing. and sponsorship, entertainmt moguls novar direct international campaigns that move 1with the speed of'an ever-widening pool of'ne'mr technology. But at the heart of'it all, there is still that flickering image on the movie screen. Summary The movie industry—both mainstream and independfllt—oonfinufi to be the central focus of the entertainment businfis. ltis the engine that dIlVE the entertainment and media industry, given that moviE are ubiquitous to all platForms . Though other segmmi: of'the businfis may have surpassed movifi in overall revenue, it is impossible to say how.r much of this additional revenue depended on the marketing done for the original film. Movifi are still the King of Contfl'lt. Further Reading 5 umnuuy The movie industry—both mainstream and independent—continua to be the central Focus of the cntertainmmt businEs. ltis the engine that dIlVE the entertainment andme-diaindustry, given that movifi are ubiquitous to all platForms . Though other segments ofthe businfis mayhave surpassed movifi in overall revenue, itis impossible to say hovar much of this additional revenue depended on the marketing done for the original film. Movifi are still the King of Content. Summary: Network TV and Syndication Nomatter how it gets to the consumer, content remains king. Marketers confinueto seek out programming that will deliver loyalaudiencu in the lflIEEt numbers available. Production lid-USE and networks count on syndication returns from years ofsuccEsful ratings. For the tiniebeing, the mass reach of traditionalbroadoasiing siill offers the quickfit path to the most viewers. The disruptive factor ofnew technology may make inroads on traditional forms of broadcast advertising, but the technology must become affordable, functional, and used by a mass a1.|dience. For the tiniebeing, commercialmfisagfi are alive and well in TV World. lfanything, technology will only drive themarketer’s mfisage further into theactual contentthrough product placemmt. Radio Radiois alive and well on the national marketing scene, although it certainly has gonethrough its changfi since the days of The Shod'awor smoky—voiceddeejays in the early days offrontier PM. But regardlfis of newconduits, radio has a disiinct place in our lives. It is personal, portable, and available constantly in our hon-1H and automobilfi. 1When the power gofi out and the Internet and television shut down, radio is still there, battery—powered, a soothingvoicein the dark, beit duetodisaster or siniplyastorm-tossed power outage. Radio is a marketing medium in flux. Ten years afier we mentioned the advent of satdlite radio, traditional broadcast radio has broken through the boundarifi of the airwavfi and has leapt into the digital age. Digital offerings—expanding the reach of local stations and in some casfi, creating nationally known brands—include over 600D streaming sta'lions; 21M stations broadcasting in HD {allowing for not only clearer sound, but visual content}; andp-odoasts, with over 36million Americans downloadingp-odoasts monthly.fl E Radio advertising Bureau, Radio: On air. Drllinefln Target, 2131:. chourse, the medium facE challng from digital competition. Servicfi such as Pandora are luring away those whotradiiionally listen toradio for the music. Satelliteradio and the Internet havechipped away listeners who have depended on radio for news and informaiion, such as trafl'icand weather. Butherefs aradio fun fact: Arecent study found that recall of advertising was enhanced {Zffi vs. Elia} when a mix of radio and Internet ads was used compared to websiteads alone.fl a Radio Ad Lab, Radio and the mternet: Powerful implements for Advertisers, conducted by Harris mteractiw,mc. As Mark Twain might have said, the reports of radio’s death are exaggerated. listenership is upover 5 million since 2006,3andradio is still second onlyto television in adult reach—E 5% to Till: {see Exhibit d— If”. The Internet may be catching up, at 54%,Ebut radio is tagging on to that medium, as wediscuss in a moment. 3 Radio advertising Bureau, Radio: On air. Drllinefln Target. H Radio Advertising Bureau. Summary: Radio The traditional medium of radio broadcasting. ofien counted down as a marketing medium but never out, is finding new ways toutilize and partner with the Internet and mobile providers. Radio’s abilityto offer mass reach, along with acontinued focus on niche markeln, offers marketers new ways toreach target-specific audiencE—not unlike cable TV, whose ever-expanding slicing and dicing will be discussed in the next chapter. Summary As with other entertainment media, multichannel marketing execuiivfi in cableand the newer technology, satellite Til", are continuing to explore ways to reach further into the discretionary time and disposable income of today's marketplace. Although their content beginnings played off the success of old stand-by movies, today's multichannel media boasi: some of the but original content on the airwavE, driving both advertising and subscription revenue, and challenging programmers tocontinue pushing the envelope. Summary Today's entertainment marketing proffisionals must staj.r current with the rapidly.r evolving digital disrupfien. Hardware and software are changing by the nano—seoond. Though digital deliver}.r offers great opportunitifi to entertainment marketing proffisionals, it also offers plentj.r of pitfalls. Read everything that you can in print, digital, or online; attend oonf'erenofi and oonventions; follow the bends; staj.r informed of'new technologifi. In the digital world, not doing so oouldleadto career death. Before we explore the marketing of some very important mtertainmfllt oontent, sports and music, let's examine the first mass media: publishing. For Further Reading Summary: Book: Another battlefidd in the digrtal disruption, book publishing continua to morph into a new businus nrodfl. Still the gatekeeper of story, books continue to create great starting points for many other forms of media, including movifi, television, and Broadway shows. This synergy helps create continuing salE by opening doors to new consumers unfamiliar with the original work. The impact of digltal publishing, ereaders, and the distribution giant Arnaron—now a publisher itself—continua to play out, forming the impetus for continued mergers and acquisitions. Marketing profasionals can find great opportunitifi in this platform butwill need tobe nirnbleas the industry changu. Newspapers and Hagazines For the FLII'PDEE of our discussion regarding entertainment marketing. we include the following commentary on newspapers and magazina as it relatE totheir role as amarketing platform. Entertainment vehicles ofalltypu still rely on thfie traditional print models, whether for reviews or for advertising. However, we urge you todig deeper on the subject oftraditional print and the challengfi it facu. There is much to be learned about consumer behavior in doing so. Newspaper: 1|.I'|.f'hen it com toprint publication and the decline in traditional business models, newspapers are the niche m.ost under assault today. The decline in readership has as much todo with shifts in consumer ljffitj'lE—II'JDIE interEt in broadcast media, viewable on smartphonE and tablets—as it 1105 with the speed of information delivery. Let's face it: News coverage happens faster when it can be broadcast directly, skipping the timeconsuming steps of printing and distribution. Durs is afaster-paced society, and print has ahardtirnekeeping up. Unfortunabfly, speed often nreans las time spent on fact-checking and objectivity, but in an age of “citizen journalists,”the entire news-gatheringfdisseminafion business is in awhirlpool. Reader beware. Early on, many papers, struggling with the leap tothe digital age, simply posted content online for free, hoping to attract enough eyeballs to create better advertising revenue. Though the readers did come, the dollars didn’t—at Least, not enough dollars to make up for the Loss ofthe print ad revenue. 1What appears to be a turning point occurred in March 2111 1, when The New 1'ch Times announced a metered system for charging for the digital 1version of the paper. Although it is still possibletodownload articl-E for free, the Times lirniis the number within agiven time period. The Dld Grey lady, as she is affectionately known {even though sheis no longer grey, bowing to color in the 19505}, has once again proven her popularity, reporting more than 5 611,001] paying digital customers .H The additional good news here? Print subscriptions have held their value, as they allow for free digrtal accEs. Ads can be seen—andsold—in both formats. Though it remains to be seen how newspapers willweather this very dire turbulence, digital growth is occurring across the country as dernonstrabedin Exhibit '5'- £3 fl Rieder, Rem, ”Get Ready to Pay fcr Drflirle News,‘ USA radar}, january 2 2, 2-D ] 3-. E III] ] [I data: Pew Research Icenter's Project fcr Exceflerlee in journalism, The State cf the News Media III] I] .213]: data: ”circulation Numbers fer the r 5 Largest Newspapers,” Denver Port, Dctcber 3-D, 2-D ] 2. Exhibit T—E Growth in Digital Editions, 21111] to 21112 Summary: New spapers and Hagarjnes Newspapers continue tobattle with changing technology, with many folding and most dealing with ongoing staff layoffs. The tide could be turning now that there is more acceptance of paid content, but that change is still underway. Magazinfi continue to be the leader in niche marketing opportunitifi in regard to the entertaianIt sector of publishing. 1|.I1.fith an fiiimated 24,{HIHI|I+ fitlfi in the marketplace, there are few audiencE that cannot be reached via this medium. Furthermore, the expansion of magazinu onto the Internet and mobile devicE will continuetooffer opportunitifi toreach an even wider audience. Summary: Publishing Publishing. like all other platforms, has felt the brunt of digital disruption. Publishing lid-USE continue to merge and contact. E—books and digital devicu are causing inroads into revenue but appear to be leveling offas the market becomes saturated. Bookstorfi are under assault by online distibution, specifically Amazon, who is now also acting as a publisher, while self-publishing continua to grow. Although newspapers have contacted sharply, the ability to charge for online versions appears to be finding a foothold. Magazinfi continue to growin number, offering both print and online versions towhat seems to be an ever-increasing variety ofniche market. Summary: Publishing Publishing. like all other platforms, has felt the brunt of digital disruption. Publishing lid-USE continue to merge and contact. E—books and digital devicE are causing inroads into revenue but appear to be levding offas the market becomfi saturated. BookstorE are under assault by online distibution, specifically Amazon, who is now also acting as a publisher, while self-publishingcontinufi to grow. Although newspapers have contacted sharply, the ability to charge for online versions appears to be finding a foothold. Magazinfi continue to growin number, offering both print and online versions towhat seams to be an ever-increasing variety ofniche market. Summary: Games, Mobile Applications, and Mobile Harketing The ongoing convergence of deviou, accEs, and content continua to drive alt-attainment forward, Epecially in the gaming platform. Revenue for the platform now exceeds that of movie box officE {but not extended movie revenue, a merchandisingflieensing juggernaut all it own] and music. Gaming will continue to grow because it hits basic human tiggers, including a dfiire for status, rewards, and interaction. Marketers can make use of gaming principlfi in all sectors, driving efforts across all device platforms. Hand-in-hand with the increase in mobile devicfi, mobile marketing and advertising ofi'er an intiguing way topotentially reach consumers right at the momentoftheir buying decisions. Summary As a universal language, music IBBEl'IE all agfi, cultura, and countifi and is found in every sector of the entertainment industy. 1|.I'|.F'hether it appears as a movie soundtack, a live event, in a downloaded video, over the airwavfi, or on the Internet, music IEBEl'IE listeners in alanguageallits own. Music EEEVE as both amarketing tool and a marketed medium, driving a multibillion-dollar industy. I-‘nr Fur-HI" Read-lir- Ir Summary From the major lEBELIE to soccer, golf, polo, tennis, bowling, fly fishing—nearly any sport iruaginabL—sports hold avaluableplacein theintegratedmarkefingofentertainmmtcontmt. TheLoyalf'an baseofeach sportis aready and willing target for a wide variety of'sponsorship, licensing, and merchandising opportuniti-u, as well as convergence with other forms of entertainment, including television, moviE, and gamfi. Most important, sports offer an inroad to all agE, IBDE, socio—economifi, and genders. Summary Travel. and tourism are integral to the entertainment industry, providing the dEtinations that showcase entertainers, as well as offering relaxing getaways that are a form of entertainment in themselvfi. In addition, brands often create their own destinations, either permanent or temporary, that allow the consumer to experience a brand as entertainment. For Further Reading Summary Entertainment marketing, once primarily the domain of'U.5.-based studios, has expanded into all sectors of the global entertainment industry. As technology joins discretionary time and disposable income in creating a global marketplace eager toconsume entertainment product, today's marketing proffisionals must be aware of a variety of'new challng and opportunitifi. The continued development of'content and conduit around the world creatfi an increasingly competitive entertainment economy, filled with consumers who have almost instantaneous accus —either legally or illegally—to product. Marketing proffisionals must learn howto l'lIIIIEE today's technologifi to create new strategifi for product rollout and maintenance. Summary Content, conduit, consumption, and convergence: ThEE four elements form the basic structure of all mwmmtwudumfiwm __ hm- _________ ; mwmmtfismmflfimdmflmvldufi'ésE'E-E'fié’s'fiiifis ...
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