As far as the political and legal aspects are worried, the entire movie market is impacted by the hazard of piracy which might possibly bring about an unfavorable influence on the overall income of the movie industry. Having said that, copyright laws use defense to the movie market in terms of dissuading piracy.
While the political and legal environment offers protection to film makers, globalization and advancement of technological elements have actually increased legal challenges such as ease of piracy and violating copyright rights.
It must be noted that films become part of the entertainment industry while expense on any kind of entertainment is basically an optional expense which is more or a luxury rather than a need. Nevertheless, we take a look at the comparison of the GDP trend with the trend in demand for movies, we can see that the two are not straight proportional recommending that any modification in GDP development does not necessarily produce a modification in this particular home entertainment.
As far as the social-cultural factors are worried, it ought to be noted that the 70% of IMAX audiences are in between the ages of 19 and 56 which allows a great deal of diversity when it concerns selecting a particular section. In addition with bulk of the audiences being college or university students with an average family earnings of $70,000, the buying power of the target market reveals possibilities of increasing viewership.
With factors such as 'moms and dads revealing an interest in their children's option of home entertainment' and 'higher purchasing power in families' due to both parents contributing towards the home earnings, we can see that the entertainment company has a great deal of capacity for market players.
While technological aspects have actually contributed towards reducing the expense of entertainment with the intro of multimedia, truth based entertainment, house theatres, cable television networks, the pressure on theatres has increased in term of making the theatre experience richer for customers in order to make it more appealing than seeing motion pictures in your home. Additionally, while developments have actually contributed towards the hazard of 'piracy' they have actually likewise contributed towards ease of saving and distributing movies.