Is The Entertainment Industry Heading for Downfall?
Frederick Opoku Kumi
October 12, 2023
Recently, there has been news about the entertainment industry failing and not receiving the same attention that it used to. New York like movies, tv shows, and artists in the entertainment industry are not selling a lot in number like the way it used to. In an industry where big artists are still selling billions in their career, so why is it that the entertainment industry is being perceived as a failure.
The SAG-AFTRA strike affected numerous projects within the industry with writers not working on any project and with the entertainment industry having a lack of ideas in terms of entertaining consumers. This was one of the factors that paused the profit of the entertainment. The limited salary made the writer go on a strike. Workers of SAG-AFTRA stated that they were overworked and taken advantage of by the industry for their work and ideas.
Covid-19 was also a factor as many projects had to shut down production. The pandemic ruined the economy of America and shut down all workplaces, delaying and destroying the business structure of many companies and corporations. It had a huge impact on the economy of the entertainment industry, crippling the business.
Streaming services have also affected the entertainment industry since a lot of subscribers were lost on these streaming platforms. Consumers weren’t happy with the service that they were paying since it cost a lot and had interruptions of ads between shows and movies. Netflix for an example lost 50 billion dollars in cash because of millions of subscribers being lost.
Corporations inside of the entertainment industry also take advantage of artists and workers in general by giving them bad deals so that they can exploit their artist for more profit. Record labels own the right to most of their artist work and pay them less on royalties.
All of these fallbacks have affected and decreased the stability of the entertainment industry. However, as these are all recent factors, as time moves on the entertainment industry will get back on its feet and recover from the fallbacks that it faced.
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