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The Wide World of Sports and Entertainment

The Wide World of Sports and Entertainment. Industry Segments. What is an industry? . An industry is a group of organizations involved in producing or handling the same type of product or services. There are several major industries and new industries have started to emerge.

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The Wide World of Sports and Entertainment

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  1. The Wide World of Sports and Entertainment Industry Segments

  2. What is an industry? • An industry is a group of organizations involved in producing or handling the same type of product or services. • There are several major industries and new industries have started to emerge. • Industries are further defined by sub-divisions. • Example – country, rock, top-40, and hip-hop are all sub-divisions of the music industry.

  3. Industry Standards • These are guidelines and goals set for different entertainment industries. Research is conducted to determine “industry norms”, or the average expectation within an industry. • Example – the standard expectations travelers have when they stay at a 3 star hotel (pool, fitness center, room service, internet access, etc.)

  4. Marketing Decisions for an Industry • Marketing decisions are based on industry standards, norms, and trends. • Example – Organizers of a basketball camp would check industry standards to determine the following: • what will be taught at the camp • the amount of insurance to carry to cover possible injuries • the number of days it would run • the overall cost • basic organization • etc. . .

  5. College Sports • There are a variety of industry trends in college sports: • Paying players • Football Team Rankings (BCS) • Concussions / Other injuries • No Pass No Play Rules • Athletics Conferences (Big 12, SEC, etc.) • Recruting

  6. Professional Sports • There are a variety of industry trends in professional sports: • Large Player Salaries • Free Agency vs. Player/Team Loyalty • Athletes in Entertainment (movies, commercials, etc. • Concussions/Other Injuries • Steroids/Other Performance Enhancing Drugs • Personal Conduct Rules

  7. The Television Industry • TV networks are constantly searching for programs that produce high ratings. • American Idol • Contracts with Professional Sports Leagues • Award Shows (Grammys, Emmys, etc.) • New primetime shows (Lost, Two and a Half Men, CSI, etc.) • By accomplishing this, TV networks are able to bring in more money from advertisers and other sponsors.

  8. The Music/Concert Industry • The concert industry may be facing a crisis when it comes to marketing its superstars. Few musicians of today have to universal appeal that previous musicians did. • The Beatles, Elvis, The Rolling Stones, Selena, etc. • Paul McCartney (Beatles) 2001-2004 concerts brought in more than $100 million each • Ticket prices averaged between $300-$400 • Top Artists Now • Various Artists whose concerts may sell out, but their average ticket prices are less than $100 • Also experiencing a trend of combination concerts where the multiple groups split the profits

  9. The Music/Concert Industry cont. . . • The industry is much more segmented than ever before: • Hip-Hop, country, rock, top-40, contemporary, etc. • With a more segmented audience, it will be harder for modern day musicians to earn the money and the status that previous musicians did. • The concert industry must be aware of these trends and be prepared to make adjustments.

  10. State and County Fairs • A specialized industry that has made dramatic changes to remain relevant. • This industry is turning to a younger marketing group for fresh ideas on how to reach younger audiences. • Successful state fairs have utilized technology to increase awareness: • Online advertising • Online ticket sales • Special-topic news releases • Updated times and locations

  11. Thinking Critically • Answer the following: • Using the internet, list 5 current industry trends for your favorite sport or other form of entertainment: • Based on your research from the above question, write a 3 step plan for how you would react to one of the trends listed above:

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