Analysis of Entertainment Industry in Brisbane †Free Samples

Question: Discuss about the Analysis of Entertainment Industry in Brisbane. Answer: Introduction: The global media and entertainment industry has been experiencing a digital revolution in the past few years. There has been a noteworthy shift to the digital ways across the media and entertainment industry. In addition to this, the enhancement in the financial circumstances worldwide has assisted the recuperation of the non-digital expenditure in the industry. Entertainment industry has seen a certain growth as the integration has led to the globalization of the media conglomerates. The entertainment and media sectors in the rising sectors are growing rapidly because the rising throwaway incomes and high level of fiscal expansion assists the multi-format media gain a sort of foothold (McKee et al. 2014). ESTEMPLE Analysis The following is the ESTEMPLE Analysis that is presented below. This is formulated by business as well as types ofmanagement to extend upon the basic PEST structure for examining various external facets that might affect any particular business. The current study intends to analyse Economic, Social, Technological, Environmental, Media, Political, Legal and Ethical factors for five different sub industries of the entertainment industry. Film industry: Casinos: Television: Magazines: Theme Park: E 5 - The film sector gets affected by diverse economic factors such as rate of interest, exchange rate, inflation rate and many others. Favorable economic indicators affect the overall performance of this sector. Low rate of inflation together with higher rate of growth of the economy helps in generation of higher purchasing power of population. This in turn leads to greater amount of sales of the segment. 3 - The economic contributors that include opportunities of employment, income flows, total number of jobs that affect this industry. More than 1 million international tourists made 2.4 million visits to casinos in Australia. Worldwide tourists who visited casinos expended total $4.9 million. 4 - Economic growth rate of particularly 2.4% can lead to positive growth of film industry. -Inflation stands at 1.9% that necessarily boosts disposable income of population and favorably affects this industry 1 -Rates of interest can influence growth of this industry in different ways. The overall growth in industry can favourably affect development of the magazine industry - Additionally the higher rates of growth, controlled inflation rate too can desiravly affect the business 1 -Income of population can affect business of rhe theme park. Generation of employment also exerts positive influence on the busuiness of theme park. Higher rate of growth, low rate of inflation and proper redistribution of income as well as labour can also desirably ecert influence on the business. Government funding to tourism are also said to affect business of theme park. S 1 - The social factors play an important role on the film industry and society these days have the need to fall back on this industry for at least 4 times out of 5 times. The film industry is also shaped by way of thinking, undertaking things and acting. Revolutionary innovations to film industry are also an effect of variant outlook of diverse segments of the society but have a lot of unfavorable trends. 3 - Fear of crime, rates of crime, and particular factors of casino affects the entire industry. In addition to this, social class, ethnicity, implications for social exclusion together with gender factors also affect the casino industry as a whole (Kaya et al., 2010). 3 -Social factors affecting the television industry include demographics of the population, tastes and preferences of the people of the society. The broadcasters depend to a large extent on the preferences of thee viewers of the population. 3 -Similarly, the social factors such as gender, age, culture and beliefs also affect the business of magazine. Based on nature and characteristics of the social realm of the targeted section, the content of magazines is designed. The tastes and preferences of people of the community also affect the entire industry. 5 -Theme park is also designed as per the social beliefs, tastes and preferences, beliefs and culture of the society in which the theme park in situated. Therefore, the theme park situated in Brisbane also depends on social factors. T 2 -Advanced technology affects film industry to a great extent. Thus,management of technology is important for the enture film industry. The film industry exerts influence on the entire film industry. Technical innovations arenecessarily liable for the discontinuities in the segment. This has affected the filom industry positively by offering very high-tech systems of operations. Environmental factors in this area mainly include ecological as well as environmental factors. The primary technological factors in this sector comprises of RD actions, automation, various technology incentives along with rate of change in technology. This can help in determining the barriers to entering the film industry, minimum level of efficient production and affect the decisions of outsourcing. Moreover, technological shifts can nenessarily affect the structure of costs, overall quality and direct the way towards innovation. 1 -Casino industry in Australia is affected to a great extent by the advancement of technology. Apps as well as technology are increasingly getting adopted in the casino shops for enhancement of sales (Kaya et al., 2010).. Reports suggest that technoklogy has exerted huge influence on particularly gambling by enhancing convenience for different mobile customers so that casino shops get accessed by people 24*7. 1 - Technology never stays static and essentially moves in a very unexpected manner. Analysis of the business environment reveals the fact that the mobile technology is swiftly altering the overall face of the broadcast. In this regard, it can be said that on-demand model have accustomed have complimented the on the go as well as the intereact model and have got enabled by specific mobile solutions (Kaya et al., 2010).. Content providerd exploit mobile, the capability of particularly second screen companion devices when utilized together with broadcasting of TV can help in the process of enabling individuals to watch specific shows on television set wholst sharing communities on the mobile. They can also interact with broadcast as well as content of advertising. 1 - Technology has affected the process of communication in a very positive manner. In the recent world, the process of communication is distributed between print as well as electronic media. 1 - Implementation of technology in theme park is transforming experiemce of guests. The themes parks are now making use of diverse new technology such as simulated technology that essentially enhances attraction of customers . E 3 -There are certain environmental variables that can be studied in a statistical community namely subsistence of cinema in a specific neighborhood, type of film as regards the facilities, distance that exists between place of people and location of cinema and the extent and degree of development of a specific neighborhood. 4 - Environmental concerns are not necessarily at the forefront at the time when individuals think about this particular segment (Kaya et al., 2010). 4 - Environmental influences of television industry will differ founded on category of television owned and regularity with which individuals watch the same. 4 -The industry for magazine intends to lessen its footprint on the environment. This segment of the entertainment industry necessarily affects the environment as there is utilization of paper for the print media segment. Nowadays, industries intend to utilize recyclable paper for reducing impact on the environment. 1 - Environment also plays an important role on the overall industry of theme park. These are excellent source of entertainment but are also areas of concern for the entire industry (Kaya et al., 2010). M 3 - The media industry has an immense impact on the film industry. The films are publicized by the media are greatly affected by them. 5 - The media industry and casino are also related to each other. Casino games are promoted by means of social media and technologies of internet, counting long history of usage of gambling as well as gaming. 5 - In essence, media and the television are said to have specific connections along with inter associations. Technologies namely smart phones, laptop as well as computers permit all viewers to watch specific downloaded digital files of specifically TV shows or else stream different digital files of TV shows on a wide range of devices. 5 - Magazine industry is also hugely affected by the media. The media expresses their views through magazine and about the magazines as well (Keller et al., 2011). 5 - Social media are also affecting the theme park industry. Investments in new attractions persist to increase with theme park industry focused by the media in different channels. P 3 - Recognition of culture can be considered to be an important political factor and continued direct financing can uphold production of particularly Australian films. This can help in stabilizing the entire industry 3 - There are different business taxes such as corporate tax, capital gain tax, particular goods and service tax along with other business tax. In addition to this, the overall economy was necessarily driven by spending by the government and business, whilst households along with consumer sector struggle amid lower growth of wages Keller et al., 2011). 3 - The political factors also pose an external constraint on the entire business operations of this industry Keller et al., 2011).. 2 - The digital revolution in Australia is also expanding at a fast rate yet it has certain issues that need to be resolved. The magazine industry faces certain number of lawsuits owing to copyright of contents. This essentially has directed the publishers to adopt additional precaution since they need to avert upcoming lawsuits. There also lies the risk of piracy where individuals can copy the content without bearing any cost. 1 - The political affairs of a specific region can be considered to be one of the most obligatory features that usually have a direct impact on the entertainment industry such as theme park. So, any alteration in the political stability can have a negative impact on the overall operations and revenue generation by the particular business concern. Yet another that can exert a negative influence on the operations of the business concern is necessarily the international political as well as military environment. Therefore, this factor is said to have high importance in this sector. L 4 - Legal factors that affect the film industry mainly include consumer laws, health as well as safety laws. Essentially these facets can affect the way a business concern operates, costs of the company, demand for products. Laws on consumer protection are formulated to make certain subsistence of fair competition along with free flow of requisite information. In particular, these factors can necessarily affect the way companies in this sector operate, cost and product demands. 4 - Legal factors affecting the casino industry include various legal factors of particularly credit as well as collection of debt, tax issues of gaming, intellectual property of casino and many others. 5 - Legal factors affecting the television industry include health and safety policies, health and safety rights, trademarks used, confidentiality act of TV programs along with exclusivity and many others Keller et al., 2011).. 5 - Legal factors affecting the magazine industry include the copyright laws, piracy acts and many others. The magazine industry faces the issue of various lawsuits. 5 - Legal factors affecting the theme park include park laws, laws of premises liability and many others. There are also legal claims for accidents occurring in the theme parks. E 5 - Ethical factors that can affect the operations in this industry include consideration of ethical standards. There are ethical issues concerning intellectual property, non-disclosure, content of image/films and ethics of business. 5 - There is need for an ethical consideration that can inform diverse aspects of casino industry. However, aspects of ethics are far too narrow for the ones involved in the casino industry. 5 - The ethical issues concerning television industry include the extent to which one can risk the factor of shocking the target audiences and their sensitivities in a bid to appropriately present the program. 5 - It is necessarily an important and tough decision to present an article when ethical issue can be taken into consideration. Essentially, the responsibility of the auditor is to draw the restriction between content of editorial and what diverse advertisers want them to publish (Keller et al., 2011). 5 - The ethical issues that affect the business of theme park are damage caused to culture as well as environment. Five forces analysis of Entertainment Industry in Brisbane: The five forces analysis of the entertainment industry in Brisbane is explained in a detailed manner as follows. Intensity of Existing Rivalry: With respect to the storage costs it can be said that when the expenses are little, competitors have a lesser risk of unloading the inventory together. Low storage expenditure are a constructive for the entertainment industry as a whole. Therefore the intensity of the existing rivalry is not significant. At a time, the existing barriers are low weak firms are much more probable to leave the market which will amplify the profits of the residual firms. There are not much of competitors of the industry which is a positive of the entertainment industry. However the rate of industry growth is very fast. It often happens that the government limits the competition in the respectively industry. A strategy which is enforced across the industry us one of the collaboration for gaining a considerable large share in the market and competitive advantage in comparison to the influential leaders and collaborators (McNamara, 2011). Threat of Substitutes: The threat of substitutes to the entertainment industry is considerably low and increases at the time of seasonal events which lead the audience to switch to those options. There are significant sporting events which might hamper the entertainment industry collections. There might also be significant cultural events which might also disrupt the entertainment industry. The rise of the technological aspects might also pose a threat to the industry at Brisbane. Bargaining power of consumers: There is the possibility that the consumers can get access to a variety of channels and there is also the factor of increased globalization. There is also the availability of several alternative sources of entertainment. Buyers at times might require special customization of the entertainment industry. In the industry the bargaining power of buyers is soaring. This is due to the fact that low cost options are accessible and more families are probable to choose them. Consumers have a variety of options from which they need to choose and the ease of access causes a rise in the bargaining power of consumers. This includes higher online programming and other sources. Increase in the globalization has also increased the bargaining power (Casali Mazzarol, 2011). Threats of substitute products or services: One of the crucial threats of substitution of the entertainment industry is in facing the innovation in the other industries. The other industries are also making moves towards the online media expansion and mounting services offered to the customers. The online options have become options to the expensive ticket prices for the movie goers. The entertainment industry has countered this threat with the accessibility of a variety of screens. Film industry: Threat of substitutes Considerable product differentiation High cost of switching Limited substitutes Bargaining power of suppliers High competition Critical production inputs Low concentration of suppliers Bargaining power of customers Low dependency on distributors Product important to customer Large number of customers Threat of new competitors Strong distribution network High capitalistic requirements Advanced technologies are required Intensity of existing rivalry Large industry size Low barriers of exit Relatively few competitors Casinos: Bargaining power of suppliers Large substitute inputs Low cost of switching suppliers Inputs possess little impact on costs Bargaining power of customers Low dependency Large number of customers Intensity of existing rivalry Low barriers of exit Limited competition Threat of substitutes Low switching costs Products which are substitutes are inferior Threat of new competitors Popular Vegas industries Requires economies of scale Customers loyal to existing brands Television: Bargaining power of suppliers High competition among suppliers Volume is critical to suppliers Bargaining power of customers Large number of customers Limited choice of buyers Intensity of existing rivalry Government limits competition Relatively few competitors Threat of substitutes Substitute has lower performance Limited number of substitutes Threat of new competitors High capital requirements High barriers of entry Magazines: Bargaining power of suppliers Suppliers have very limited power Celebrity focussed publications also do not have advantage Bargaining power of customers Advertisers have more bargaining power Mass-market experience for the prospects Intensity of existing rivalry Fierce competition Food and health segments pose threats Threat of substitutes High threat in case of low cost options It is likely for the customers to switch Threat of new competitors High threat of new availabilities in the market Threat of entry is huge Theme Park: Bargaining power of suppliers Suppliers have medium bargaining power Unique materials required for theme parks Bargaining power of customers Low bargaining power Price of one day is high and has some amount of risk Intensity of existing rivalry Rivalry is medium Other theme parks have attraction Threat of substitutes Threat of substitutes is relatively high Theme parks have active entertainment Threat of new competitors Low competition Visitor attendance variable Conclusion: Entertainment industry is undoubtedly the main source of amusement for several people today. It is used in the daily lives of a majority of people from watching television to listening to the news among other diversions. It is unfortunate that the entertainment has become deeply saturated in the peoples lives. Utilization of entertainment has become an addiction and in certain cases it has annihilated the society. Every segment of the entertainment industry has inescapable impacts on the society and the people at large. The entertainment industry has a false impact on the minds of the innocent people which cannot in any way be altered. The situation needs to be understood and the entertainment industry needs to take responsibility for the different things which they portray so that it does not reflect the society in a bad light. References Casali, G. L., Mazzarol, T. (2011).Unpacking the entrepreneurial process: A step-by-step guide to a successful venture in the entertainment industry. Tilde University Press. Cunningham, S. (2010).The media and communications in Australia. 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