Entertainment Industry And Venue Management
Analysis of the Entertainment Industry
The entertainment industry has grown at the global level and has developed into one of the fastest growing sectors of the economy. This sector has shown a significant contribution to the GDP and employment of any nation as well as the travel and tourism industry. It covers the fields of movies, music, dance, parks, traditional performances, sports etc. In order to assist this, a separate industry of Venue Management has arisen which provides venue for various activities of entertainment.
The present report seeks to analyze the contribution and significance of the entertainment industry vis-a-vis venue management in United Kingdom. Compare the impact of various funding agencies on the industry and the range of activities provided by the individual industries. Further, the management and operational strategies for the venue management of London Olympics and the famous British Museum are analyzed.
The entertainment industry of Britain is as valuable to the nation as is its financial services sector and is valued to be more than 36 million pounds a year and are accountable for contribution of 70,000 pounds every minute to the economy of Britain, in accordance to the policy paper issued by Department for Culture Media and Sport (DCMS). The industry is running on the platform of traditional non digital as well as the emerging digital platform. The UK entertainment, though, is experiencing the increased use of the digital platform; there is no decline in the non-digital entertainment platform. The industry is at its boom in the nation and is predicted to grow at 3% per annum in the next five years and shall account for 68.2 Billion Pounds by the year 2020. The entertainment industry comprising of television, advertisement, books etc. have spurred the industry to grow at the global level. Various TV formats like X Factor are sold worldwide and also the famous series of Harry Potter has been a massive success across the globe. It has been reported that the creative economy of UK alone employs a workforce of 1.8 million and generate about 4 billion pounds from the annual exports. The commercial landscape of the nation is undergoing a steady transformation due to the creative industry encompassing music, gaming, TV, fashion, advertisement etc.
The country is comprised of a vast cultural and traditional heritage which is completely diversified in nature and hence, can be witnessed from the creativity applied in the fields of art, culture, music etc. further; the television sector constitutes to be the largest sector of the entertainment business. Following the same, the advertisement industry alone accounts for 18 billion pounds and is the second largest industry after the television industry. This sector has further shown a growth by eight percent on a annual basis for the past three years, despite the entry of various competitors and increasing trend of news publishing from the ad-content.
In accordance to the report of DCMS, the media and creative industries of the nation are receiving continuous support from the British Government by giving tax breaks to video game and television producers, animators and film-makers both at the domestic level as well as the international level. Further, the venues of British Film Institute and digital radio services have also been funded to support their growth. Hence, it is imperative for the government and other agencies to formulate policies in support of the industries and may announce funding at various levels, in respect to the same.
The government of the nation adopts various measures and formulates policies to support various objectives for developing the resources of the nation as a whole. The building and areas owned by the government of the nation may receive regular funds for the development and maintenance of the properties. The allocated finance is for specific purposes and hence defines a code of conduct for utilization of the funds. For instance, British Film Institute and digital radio services receive funds for development of their venue.
This generally aims at development of a particular region or a service in a specific region, thereby creating an impact on development of the whole nation. It may also lead to emergence or growth of new business opportunities which further fulfils the core aim of development of the region. The cultural heritage may be supported and promoted by these funds.
Small level events may be funded by the local funding and high prospective organization or a small venue may be given a chance to grow and further get promoted by the increased use. This may further enhance the rate of employment, thereby promoting such venues at national or the international level.
The field of venue management involves activities of operating a theatre or hotel or conventional parks and so on. The venue manager is responsible for deciding schedules, taking prior bookings, maintaining client relations, coordinating events and various such responsibilities which enable a venue to function smoothly. It can be said that venue management assists the entertainment industry and helps the business to prosper and grow. The scope of entertainment industry entails within itself variety of sectors and areas and each of the components is another industry in itself. In respect of UK, the scope of entertainment industry is broadly constituted from the following sectors:
The fundamentals of this sector rest within the rich cultural and traditional values of the nation. The field of art, architecture, film-making etc. forms the highly creative and innovative sector of the entertainment industry of the nation. It has shown broad scope of development in the sector.
A major role is played by the music industry for entertainment of the nationals of UK. So much that the enthusiasm of the British music has grown across the boundaries and has reached all over the world. Organising concerts, shows or competitions at various venues has also been attracting people from all over the world. The annual growth has been observed to be 4.7% and hence it still provides further scope of growth and development.
Sports and events sector
Hosting world renowned sports event also helps the nation to attract audience from all over the globe. For instance, London hosted the Olympics in the year 2012, which led to large inflow of tourists along with a big amount of foreign currency. It proved to be a great deal for the economy of the nation and a great source of entertainment for people. It also enabled the nation to evolve effective measure for the management and development of various venues with the finest quality.
Media and television industry
This has remained to be the greatest and widely acknowledged source of entertainment for the people of the nation. It has been there in the form of radio broadcast, then television broadcast and now digital broadcast. The British shows like the X factor are a world renowned show and have gained immense publicity in the global market.
Entertainment holds the attention and interest of its audience and gives pleasure and delight. It is an idea or a task which makes the audience laugh and enjoy. But not every act of entertainment can make every person laugh or in other words the humour level differs from person to person and so does entertaining activities for a person. Every person or a group has a different idea of entertainment. Hence, on the basis of the profile of an audience the activity can be classified to be entertaining.
Classification on the basis of audience profile:
Classification on the basis of venue:
The following strategic management framework was undertaken by the managers of venues of London Olympics and the British museum. The two events are completely different in nature and hence, the approach of the venue manager at the Olympics differed from the strategies being followed by the manager of the British museum. The former is a one time show and was to be managed for some specific days whereas the management in latter is a continuous process. The former brought a huge cash flow for the economy of nation in the specific year and the years around it and on the other hand, British museum is a continuous source of revenue generation for the economy. The management and operational strategies can be broadly bifurcated into Formulation and Implementation.
The London Olympics manager was required to analyze the external environmental factors which could not be controlled and were not foreseeable. The involvement of such huge mass of people requires a deep and all round analysis of the external factors. On the other hand, the manager of British Museum needs to tackle a relatively small number of people who would be coming and leaving the venue on frequent and regular basis during the whole day.
The former is required to diagnose opportunities and conduct a thorough risk assessment of various scenarios and prepare strategies accordingly. The strategies shall be formulated at the macro level and shall differ from the strategies of the museum as the scenarios for the museum venue shall be completely different.
The goal of the Olympics venue shall be set at the macro level which would be required to be segmented by segregating the departments and teams, however, in the case of the museum the setting of goal would be an entirely different and micro level process.
Finally, implementation of the strategies again would be at a macro level as it demands management of various activities and people at the same time. The British museum may change its strategies on a frequent basis, satisfying the changing needs with time. It can take well planned decisions and implement them effectively. However, the manager of the Olympic venue needs to be spontaneous and prompt as he may be required to change the strategies on the spot and may not have time to plan the same.
Venue management involves activities and duties in relation to operations of the venue where the event is supposed to happen or where the activity is going to be carried out. The London Olympics started hiring and getting prepared for the event in the year when it was announced to be the host of the year 2012. Some of the activities involved in the management of the event are getting the venue prepared and set to face the event and maintain the Olympic standards throughout, ensuring the security of the venue, ensuring proper flow of the crowd, management of the crowd, movement of the crowd, entry and exit of the venue, management of various events, security of the athletes, movement of the athletes, etc.
On the other hand, the manager of the British museum shall ensure the security, maintenance, cleaning of the venue, further it shall be responsible for the ticketing or booking facility for the visitors, shall ensure that there is infringement of the rules and regulations, the entry and exit of the visitors is smoothly flowing and no damage is being done to the museum building.
The present report analyses the entertainment industry vis-a-vis venue management. It has enabled the author to understand the importance of managing various buildings or areas to promote the growth of the recreational activities of a nation. It also establishes the contributions made by the respective sectors to the economy of Britain as well as the role of the industry as a whole.
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