In light of the
fact we have been discussing points on how to develop a good business plan I
wanted to steer away and discuss some points that help entertainment businesses
thrive. This is where my focus is and I aspire to have a well-established
business within the industry someday. Although this post may not be specific to
the elements of a good business plan in does correlate in the sense that in
order to interest investors or consumers you have to be aware of trends that
drive your industry as well as understand the current market your entering.
Any good business
is able to grow when they can sustain changes in trends and be prepared and
aware that changes have and will occur. The Entertainment Industry is probably
one of the biggest industries that constantly produce new trends and force
businesses within it to adopt those trends.
Currently new media
and technology has been one of the biggest trends to hit the industry. Over the
past 5 years they have changed the way the way media organizations produce
media and entertainment as well as how consumers access it. New media and
technology have become the top resources for communication and media. This wave
of advancement has forced traditional media to follow trends and ultimately
remodel how they operate.
When
you consider some of the key players of new media and technology I would have
to say blogs, social networks, YouTube, laptops, smartphones, and now tablets
are some of the most common. Case in point you reading this blog has not always
been the way of receiving someone else’s thoughts or opinions. Truthfully
before trends like this as a consumer I didn’t have an outlet to have a voice.
What
was then basic is now much more complex in terms of how consumers receive and
share information. The businesses behind traditional media forms are now in a
world where these tools are what they have to consider and even become engaged
in. They ultimately have to function on the same level as the consumer.
The future of new media and technology is endless. We have
to remember we are still in the beginning stages of these trends and are just
on the realm of seeing what they can do for our industry and us. Looking forward
at the industry as whole t=there are surely more trends to come and companies have
to understand that knowledge of current trends can be vital to their success.
Here are a couple of resources on the topic that helped me
to better understand where the industry is and the changes that have occurred.
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