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What Is The Impact Of The Economic Meltdown On The Entertainment Industry

People became more cautious in regards to their spending. Recreational activities would be last when it came to spending their hard-earned money. Having said that, recreation is a very important part of daily life and people over time have got used to having some sort of activity for when they want to disconnect from the stress-world.

Most people are not in a position to buy three-figure tickets for a live event – not now at least. Therefore, they are content with buying blu-ray discs to watch movies in the privacy of their own home, on small screen (just like the old days of great depression, when people started using VHS). The pundits of the entertainment industry have forecasted a shift from expensive entertainment methods to cheaper ones.

People nowadays refrain from going out on trips or taking part in outdoor activities because of their increased cost. You see, every industry has to suffer due to the credit crunch – in short, almost every niche of this industry has shown significant losses. However, there is at least one atypical case – the video gaming industry is yet to see a dark day since it has recorded an astounding growth of 20%. The seventh-generation gaming console gives users the same experience of playing an outdoor sport such as skiing or playing badminton.

Giants of the film making industry have also decided to limit their expenses. Some are doing for drastic cuts in their annual budgets while others have decided to decrease the number of movies they were supposed to produce this year. The industries’ main source of income is through live events and shows. Under the given circumstances, people are less likely to spend their money on buying tickets for live events.

The fight that the entertainment industry has to bear is on and attempts by amateur live bands like dropping ticket prices as low as $10 are common everywhere nowadays. It does provide a chance to enjoy the ambience of a rock event but at least fireworks should not be expected in return for those $10.

Because of the economic melt down, businesses went to an all time low and companies could no longer pay salaries to brigades of employees. Therefore, they had to downsize their staff and as a result, many people lost their jobs. The ability to buy also decreased and businesses slowed down. That is why everyone got into a financial hole. The large industries decided to limit their activities and not do any unnecessary spending until the dust settles down. The entertainment industry followed suit and this was the wise thing to do.

Updated: July 23, 2017 — 1:17 pm
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