The Australian media and entertainment industry is one of the biggest in the world and has seen significant improvement over the years. This is especially true as you’d hardly find an Aussie that doesn’t fancy one or two forms of entertainment.
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What Comprises the Entertainment Industry?
The entertainment industry, also known as the media industry or show business, is an integral part of the Australian economy.
It consists of several niches such as:
- radio programs,
- TV shows,
- video games,
In broad terms, it is any business that provides people with something interesting to watch, read, or listen to. In no particular order, these are the five biggest trends in the Australian entertainment industry.
Games Generate More Revenue Than Movies
Before now, movies gained much more popularity and revenue when compared to games in Australia. However, the trend is changing as it takes just one mobile game hit to generate millions of dollars. A perfect example is the Pokemon franchise, owned by Nintendo, and Call of Duty Mobile. Since its inception in 1996, Pokemon has generated three times the revenue that Marvel got from their cinematic universe movies released between 2008 and 2017.
Similarly, Grand Theft Auto V generated more revenues within three days of its launch than most of the highest-grossing movies of all time. This trend is not expected to change anytime soon, as game developers are continually making mobile versions of top-selling video games since people are almost always with their phones.
Under this trend, there are now several career opportunities in the video game industries that will provide employment for people who specialize in niches such as:
- Web development
- Graphics and animation design
- Sound design
- Video editing
With these career opportunities comes the establishment of several game production centers in Australia.
In addition to these popular video games, many people also enjoy playing pokies online for free without downloads. Pokies, also known as slot machines, are a popular form of gambling in Australia and can now be easily accessed online. There are many websites that offer the opportunity to play pokies for free without the need to download any software. This allows players to easily try out different games and have fun without the need to spend any money.
Not All Sectors Are Booming
The Australian entertainment industry is truly growing at a phenomenal rate, thanks to the contribution of various entertainment outlets and modalities. Interestingly, this growth is not expected to decline, especially for segments like online videos, video games, and music. However, print media revenue is expected to drop as more people embrace digital content.
Mobile phones are ubiquitous, and people are more likely to catch the latest entertainment gist on social media, stream new movies, and listen to the latest music on their palms. The expected drop in print media revenue is also changing the work modes of journalists and other professionals in the industry.
The Entertainment Industry Is Experiencing Legal Reforms
With the continuous paradigm shift happening in the entertainment industry across Australia, the government is also tying up all loose ends concerning laws and reforms.
Five years ago, the federal government made a comprehensive media law review that included the cancellation of broadcast license fees.
Another aspect of the entertainment industry that got legal reform is ownership rules, which limit the control people have over some media.
Smartphones Drive The Entertainment Industry
Over the years, the medium through which information and contents are consumed has changed drastically. Before now, people read papers and went to cinemas or game houses to enjoy digital content. Now, studies show that over 88% of Australians own a smartphone, which facilitates access to applications, games, e-casinos, movies, and other digital content.
Without smartphones, the revenue, acceptance, and popularity gained by various entertainment outlets wouldn’t be so high. Moreover, these phones are now paving the way for newer entertainment modalities such as virtual reality and live streaming of sports shows, which will further drive attention towards niches such as mobile app development.
Advertisement Is Now More Important Than Ever
As much as the media industry is enjoying rapid growth and revenue increases, it is pertinent to note that much of the accolade goes to one of the most influential segments of the industry, which is advertising.
The success or failure of a media franchise today rests on its advertising strategy. This has created a shift from the old advertising tactics to newer models. Besides, digital marketers are more in demand than ever due to the stiff competition in the digital entertainment space. Moreover, advertising revenue in Australia is expected to reach 242 million dollars by the end of 2022, and as such, it’s no surprise that producers spend more money on advertising than the product itself.
The Bottom Line
The list is not exhaustive, but these are the top five trends surrounding the media industry in Australia. From the discussion, there’s no getting around the fact that the entertainment industry is an integral part of the Australian identity and economy.
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