The growing demand for entertainment and the power and comfort to own it is booming in the entertainment industry across the world. At 735 billion dollars, films, music, and books form the major portion of the country’s entertainment industry, which ranks third in the global media and entertainment industry. According to a report from PricewaterhouseCoopers, it might cross 830 billion dollars by 2022.
Across these three broad categories Penguin Random (Books), SONY (Music) and Disney (Films), are leading as per the revenues of 2016. Additionally, they brought about 120.73 billion dollars in revenue to the country in 2018, where films earned 43 billion, books 26.23 billion, and music 51.5 billion dollars, respectively.
Films form the major chunk of the entertainment industry in the country. Hollywood is the largest motion pictures industry in the world, producing around 800 movies every year. Additionally, these films are the fastest revenue-generating business and are enjoyed by a global audience.
Box office receipts crossed $11 billion dollars in 2017 and are growing significantly. The country’s motion picture industry is full of talented people. Production houses like Warner Bros., Universal Pictures, Walt Disney Studios, and 20th Century Fox are limitless and fearless in terms of taking their ideas and imagination to the audience. They do not keep any budget constraints when developing a dependable story into a film.
The music industry is the largest global music market in the world. It generated a revenue of about $18.3 billion in 2017. 141 million CDs, CSS, LPs, and digital albums were sold in 2018, which seems less compared to 2013, where sales amounted to 289.4 million units. The drop in the sale of CDs is due to the introduction of digital music in 2014. Downloading music online has increased to $7.4 billion, which is 20% more since 2017.
The biggest soundtrack of 2018 was The Greatest Showman, which sold approximately 13 million units.
Today, the internet has totally changed the way people acquire music, though most resort to legal radio services, like Pandora and Spotify, some go for illegal file acquisition. However, the internet is the biggest contributor to the creation of so many music celebrities.
The publishing sector revenues $37 billion (2017) and is considered to be one of the biggest in the world. 675 million printed books were sold in the country alone, and various digital formats like e-books and audio books are ringing in billions. An American would spend an average of 110 dollars each year on books.
There are three major segments of book readership: Consumer, professional, and educational. In 2018, revenues generated by higher education books was 4 billion dollars.
Astounding and creative writers act as the driving force behind the growth of the industry. James Patterson, the second richest author in the country, sold copies worth 86 million dollars in 2017 and about 1 million ebooks. J.K Rowling, the author of the Harry Potter series, is the richest author in the world valued at 95 million dollars.