But a report by Floor64’s Michael Masnick, released by the Computer and Communications Industry Association, shows the opposite is true: The entertainment industry is not being killed by the world wide web.
In fact, it’s exploding: “Through a decade of economic and technological upheaval, the entertainment industry grew 50 per cent while consumers increased spending on entertainment,” claims the report.
Since 2000, the portion of household spending that went to entertainment increased from 4.9 to 5.62 per cent by 2008. Put another way, that’s a 15 per cent increase in consumer spending on publishing, movies and music, the report states.
The worldwide number of people playing video games has grown from 250 million in 2008 to 1.5 billion in 2011.
Consumer spending on video games in North America has more than doubled from $10 billion in 2005 to over $25 billion in 2011.
The overall sales of music exceeded 1.5 billion transactions in 2010, up from 845 million transactions in 2000.
The global book publishing market has grown to almost $110 billion in 2010 from $100 billion in 2004.
The revenue share of the overall book market going to ebooks grew from less than 0.5 per cent in 2008 to over 5 per cent in 2010.
India's Bollywood produces over 1,000 movies a year, followed by Nigeria's Nollywood with almost 1,000 movies a year and Hollywood with roughly 700 movies a year.
US box office revenue in 2010 was $10 billion, followed by Japan's $2.5 billion and India's $2.2 billion. China has only recently surpassed $2 billion.
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