The entertainment industry is massive, with millions of people accessing various platforms that provide users with movies, TV, and music daily. It has grown to become a multibillion-dollar industry and continues to grow as the demand for entertainment changes throughout the years. One of the ways this industry adapts to its audiences is through the use of various marketing techniques.
Marketing is an important aspect of any business and has an essential effect on growth and economics. To succeed, no matter what sector you're in, you need a solid marketing plan that reaches your target audience.
Things such as online casinos, movies, and music, are all parts of the entertainment industry that use marketing to their advantage, and here are some of the ways they do it:
iGaming is a highly competitive sector of the entertainment industry, especially about online casinos. There are hundreds of popular online pokies to choose from, so how can they differentiate themselves? The main way is through the use of bonuses. They are what get people to sign up for an account initially, so the more attractive a welcome bonus is, the more likely an online casino will receive a new sign-up.
Other ways online casinos market themselves is by using affiliate websites that link them to related content. They can also use banner adverts and social media promotion, which will encourage higher levels of traffic to reach the websites. A lot of the time, an online casino has to be creative in its marketing strategy to put itself ahead of its competitors.
An online casino will know it's successful from the amount of revenue it brings in. You can figure this out through things such as the LTV (Player Lifetime Value), which tells a casino how much a user will spend during their time with them. Then, they need to balance it out with the CAC (Customer Acquisition Cost), which is how much a casino has to pay for each sign-up.
Movies are one of the most significant parts of the entertainment industry, bringing in most of its revenue each year. Organizations measure the success of films and how much money it has brought in through something called the 'box office'. This concept refers to how much money a movie has made when it is first released. It won't count the money it makes over time.
The money made from the box office will pay back the studio, theatres, and anyone who worked on the movie. Any other revenue from DVD sales or streaming agreements will be paid to actors/staff through royalties.
The movies that do the best at the box office typically have a fantastic marketing campaign. They are used to build hype about the upcoming release through the use of trailers, posters, and interviews with the cast and director. These often cost a lot of money to run but end up being worth it in the end.
Television works very similarly to movies but in a more low-key way. The success of TV shows and broadcasts isn't calculated through the box office, but instead, how many businesses want to invest in having their commercials air with the show.
The more companies pay to air an advert during the breaks of a TV show, the higher the success. These shows will make money this way and be able to pay their production team and actors, but they also now make money through streaming services such as Netflix, Amazon Prime, and Disney Plus.
Like movies, TV shows put together a bespoke marketing plan to build buzz and excitement around their launch. This will involve things such as trailers and posters. However, TV shows also use social media more, especially before the launch of new episodes, so viewers can engage with the program and get even more excited about what is coming next.
The entertainment industry's music sector works slightly differently from movies and TV. In the past, the success of an album or song would be down to how many people have purchased it through things like iTunes. However, due to the growth of streaming services like Apple Music and Spotify, it is now based on how many listen a song or album has had.
Record labels and artists earn revenue from selling their music to streaming services, and they will still receive royalties for the sale of hardcover albums and downloads. Other ways musicians have been known to receive money because of their music is from licensing agreements with other entertainment industry sectors, such as movies and TV shows.
How artists market their music is also incredibly different to movies and TV shows. You can't exactly show a trailer or create a poster for a song. Therefore, they focus on building a fan base from previous music instead through music videos and live performances on popular shows and radio stations.