Why Entertainment Markets Are Unique: Key Characteristics
Unique characteristics of entertainment markets also determine the effectiveness of managers’ decisions, commanding adjustments of the basic marketing mix. In this chapter, we take a closer look at the two key sub-markets that exist for any form of entertainment: a market for products targeted to consumers with artistic tastes and one for commercial products targeted to the mainstream consumer. We show that entertainment markets are characterized by frequent innovations that are required to stay in business and a tendency toward concentration. The latter derives from the existence of certain strategic resources that function as high entry barriers and from direct and indirect network effects that facilitate even higher concentration levels.
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