As far as the legal and political aspects are worried, the whole film industry is impacted by the hazard of piracy which might possibly cause an unfavorable effect on the total profits of the film industry. Having said that, copyright laws provide protection to the movie market in regards to preventing piracy.
While the political and legal environment uses protection to movie makers, globalization and advancement of technological aspects have actually increased legal challenges such as ease of piracy and violating intellectual property rights.
It must be kept in mind that movies belong to the show business while expense on any kind of entertainment is essentially an optional expense which is more or a high-end instead of a requirement. We look at the contrast of the GDP trend with the pattern in need for motion pictures, we can see that the two are not straight proportional recommending that any change in GDP growth does not always bring about a modification in this specific entertainment.
As far as the social-cultural elements are worried, it must be kept in mind that the 70% of IMAX audiences are between the ages of 19 and 56 which enables a great deal of diversity when it pertains to going with a particular sector. Additionally with bulk of the audiences being college or university students with a typical family earnings of $70,000, the buying power of the target audience shows possibilities of increasing viewership.
With aspects such as 'moms and dads revealing an interest in their kids's choice of home entertainment' and 'greater buying power in households' due to both parents contributing towards the family income, we can see that the home entertainment service has a lot of potential for industry players.
While technological factors have actually contributed towards reducing the cost of home entertainment with the intro of multimedia, reality based entertainment, home theatres, cable networks, the pressure on theatres has increased in regard to making the theatre experience richer for customers in order to make it more appealing than seeing movies in the house. Additionally, while developments have contributed towards the hazard of 'piracy' they have likewise contributed towards ease of keeping and dispersing movies.