New report shows that the entertainment industry has had an amazing decade of growth, despite the constant complaints about web piracy
A new report says that far from being on the verge of disaster, due to the web piracy problem, the entertainment industry has never had it better.
The new report, titled The Sky Is Rising, takes a closer look at the business and creative side of the entertainment industry, and instead of the doom and gloom often portrayed by industry lobby groups such as the MPAA and RIAA, the last few years have been a boom time for creativity, and for revenue.
With an infographic summarising the details of the report, it found that the entertainment industry, which includes books, video games, music and movies, has grown 50% in the last decade.
For example, the video game industry has grown almost four fold since the early 2000's. For books, despite the deep recession, revenue is up compared to 2008, and the number of books being produced has skyrocketed in the last decade.
And despite constant protests from the music industry, the value of the industry has grown 27% from 2005 to 2010, with artists now getting a larger share of the revenue pie.
Similarly, the movie industry has had a couple of great years, with revenue up 24% from 2006 to 2010, and global TV/Film spending up by more than $100 billion in the last decade, the so called decade of piracy. And despite dire warnings from the MPAA about less films being produced due to web piracy, the number of films produced worldwide has actually increased by 317% from 1995 to 2009.
But with more choices and more content than ever for consumers to consume, there will inevitably be winners and losers, as consumers also change the way they consume content. The industries that cannot keep up with the consumer might still find themselves on the losing side of probably the greatest boom for the entertainment industry in history.