Describe the meaning of entertaiment in the context of the entertainment industry. Discuss some examples of entertaiment in the media and the forms of entertainment that captivate an audience.
Meaning of entertaiment in the context of the entertainment industry
Increasing leisure time has been the driving force behind the development of the entertainment industry. The production of entertainment products is a vertically differentiated industry, in which quality inputs are combined to create products. This has allowed goods to be produced with fewer labor inputs. However, the demand for entertainment products is not fixed in advance.
It is essential to understand the demand for entertainment products before evaluating its business practices. While precise estimates of leisure demand are a difficult task, it is crucial to understand the factors affecting it. The key elements in determining the demand for entertainment products are the time-cost and quality of the inputs. A product with a shorter time-cost can be sold at a lower price. This allows the producer to make a profit.
In addition, the industry has become more diverse, with products being produced for different age groups. The visual turn in entertainment has continued with the introduction of television. This has allowed audiences to discover films they like and to tell their friends about them.