According to GlobalWebIndex, 6 out of 10 people are using social media for entertainment purposes. Whether it’s to follow their favorite actors/actresses, share info about a show, or discover new music, the correlation between entertainment and social media is undeniable. For the entertainment industry, discoverability is key, and social media is the #1 way consumers discover. Not only do consumers discover their new favorite show organically (from friends, etc.) but studios are using highly targeted social media advertising to reach their fan base. Entertainment companies can target their market, build hype and entertain fans with engaging content. Entertainment consumers are more likely to engage with social media in real time than any other consumer. In fact, according to an article from Brian Solis–
- 79% of television viewers visit Facebook while watching TV
- 83% surf the web while viewing TV
- 41% tweet about the show they’re watching
- An average of 23% have posted about what they’re watching in theaters on Facebook and Twitter
That’s a whole lot of engagement!
There is no doubt that the internet and social media have negatively impacted the entertainment industry in regards to piracy, copyright infringement, and illegal content sharing. While some consumers may enjoy “free” content, there is a domino effect in doing so. Less consumers are going to movie theaters and buying music. Networks, movie studios, musicians and artists lose revenue, and in doing so they may need to make changes. Such changes could be producing less content, making cutbacks in staff, pay decreases. While you may think, “well all of those people make so much money anyway”, but this isn’t always the case. There are many people in the entertainment industry who make average salaries…and cutbacks filter down to everyone. According to an article by The Guardian, “Free riding is considered an economic problem for a reason. Over the long-term, media companies starved of revenue won’t be able to invest as much in artists”. Subscription services are helping alleviate the fallout from piracy which includes such companies as Spotify, Netflix, Hulu, and iTunes.
Entertainment companies and artists will need to continue to adapt to find ways to make consumers happy and generate revenue in order to continue to create the content that we all crave.
Follow my blog and Twitter at @Sara_Given for more info on Social Media Marketing.