As far as the political and legal elements are concerned, the entire movie industry is affected by the hazard of piracy which could possibly cause an unfavorable impact on the general income of the movie market. Having stated that, copyright laws provide protection to the film industry in regards to dissuading piracy.
While the political and legal environment provides security to movie makers, globalization and advancement of technological elements have actually increased legal challenges such as ease of piracy and breaching intellectual property rights.
It should be kept in mind that films become part of the show business while expense on any form of entertainment is generally an optional cost which is more or a luxury instead of a requirement. Nevertheless, we look at the contrast of the GDP pattern with the trend in demand for motion pictures, we can see that the two are not straight proportional recommending that any modification in GDP growth does not necessarily produce a change in this specific entertainment.
As far as the social-cultural aspects are concerned, it needs to be kept in mind that the 70% of IMAX viewers are in between the ages of 19 and 56 which permits a lot of diversity when it concerns opting for a specific section. In addition with majority of the viewers being college or university students with a typical family income of $70,000, the acquiring power of the target audience shows possibilities of increasing viewership.
With aspects such as 'moms and dads showing an interest in their children's option of home entertainment' and 'greater purchasing power in families' due to both parents contributing towards the family earnings, we can see that the entertainment company has a lot of potential for market gamers.
While technological elements have actually contributed towards reducing the expense of entertainment with the introduction of multimedia, truth based home entertainment, home theatres, cable networks, the pressure on theatres has increased in regard to making the theatre experience richer for consumers in order to make it more appealing than watching movies in the house. Additionally, while innovations have actually contributed towards the risk of 'piracy' they have actually likewise contributed towards ease of keeping and distributing films.