Entertainment Marketing

Entertainment Marketing: the process of developing, promoting and distributing products and services to satisfy customers’ needs and wants through entertainment, amusement or method of occupying time.

Entertainment Products: Film Television Radio Music & Concerts Video Games Theme Parks Internet

Economics of Entertainment Entertainment is in the top ten of the highest-grossing segments of the economy. Entertainment influences and impacts many other areas of the economy.

Challenges of selling entertainment:  Entertainment has a short “shelf life” – it is perishable! Ex: When you see a movie and the credit roll, the experience is over. You can’t take the experience home to relive over and over again. Ex: Amusement Parks – when you leave the experience ends and your demand for the product decreases. Therefore, the park must make profit immediately.

Selling entertainment is a gamble because costs and expenses are paid up front. Ex: Expense of opening a water park Challenge – Studios, theme-parks, performers must keep customer coming back.

Opportunity Cost – The loss of an opportunity that is passed up in order to receive something in exchange.   Ex: You choose to spend money on an upcoming concert. Therefore, you give up the opportunity to spend money on a trip to Kings Island.

Merchandising and Entertainment Stars sell products and products sell stars.