Written by Mitta Xinindlu
As business analysts many times we tend to focus on how our companies and competitors are doing; rarely looking at how other businesses or industries are doing.
The entertainment industry is made to appear as only that, juat entertainment. However, this industry has serious business lessons to teach everyone. Wether you’re an entrepreneur or a business mogal, there’s defenitely something to learn for everyone.
The entertainment industry’s product is usually a person whose services are also sold with the person. As much as we may think that we’re buying their music, their poems, or their stories, the matter of fact is that we are buying the person as a brand. Hence, there will always be loyal fans regardless of their song releases or scandals.
The fact that the product is the artist or entertainer also appears when the artists start to accumulate some bad press; their appeal as a product diminishes, as well as the support from customers.
Now, with this in mind, the entertainment industry teaches us the following:
- Product invention, production, and packaging
- Public relations
- Profit generating schemes
- Risk management
- Wealth management
- Communications, networking and negotiation.
We will analyse each aspect, drawing from the lives of the most successful in this industry. Stay tuned!