Source: B-to-B: The Magazine for Marketing Strategies by Roger Slavens
Abstract: This article describes the perspective of Entertainment executives and recommends tactics for marketing to them effectively.
Analysis: According to Tony Uphoff, VP for The Hollywood Reporter Magazine, the entertainment industry so dynamic that âdeals can be made or broken in minutes based on rumors and news.â? This quote relates equally to films, music, and TV – which are rapidly converging â as well as the exploding mediums of the internet, mobile technology, and globalization.
Pricewaterhouse Coopers produced a âGlobal Entertainment and Media Outlookâ? report in 2005 that projected a $1.8 trillion industry by 2009. Video sales are expected to reach $26.9 billion worldwide by 2009, and video rentals $9.6 billion, with online rentals making up one-third of rental revenues. â?Major record labels are projecting that 10-20% of their revenues will come from digital downloads and wireless platforms in the near future,â? said John Kilcullen, president and publisher of Billboard. Uphoff adds, âthe control which on-demand programming and DVRs give to viewers is creating a need for new advertising models.â?
Another aspect of the entertainment industry that differentiates it from others is that it is project-driven. The responsibilities within a film are contracted to specialists; this separation can frustrate marketers who are targeting a centralized operation. To gain the attention of marketing-savvy execs, pitches must be authentic and targeted to the projectâs special needs.
The most successful ad campaigns are those announcing the production companyâs recent projects or award-considerations; these affirmations draw future projects.
Marketers looking to make a splash may want to consider these hot products:
– Technology affects the industry on all levels, from production to distribution to how it connects with its audiences
– Financial products draw producers, directors, and creators of all media
– Globalization can turn a domestic flop, like âTroyâ?, into a $400 million heavy-weight
Take aways: This article shares itâs view with many other writers and execs who weâve been learning from in class.