The Entertainment Industry Council, a nonprofit group of the industry, announced that in 2018, movie studios, cable channels, and other entertainment companies spent more than $1.7 billion on movies and TV shows.
That’s a significant jump from the $1 billion spent in 2017.
But, it’s still just a drop in the bucket.
This is because entertainment industry revenue is volatile, and as a result, it takes time for studios to build their revenue.
So, this jump in revenue is not expected to last.
And, that means movie studios will have to spend more money to keep their movies, shows, and events coming.
The 2018 report, however, suggests that they’re likely to be able to build a much bigger bump in revenue.
“The number of movie theaters and the number of live events is likely to increase over the coming years,” the report said.
The average theater is expected to see an additional $10 million in additional revenue this year.
The entertainment industry is still struggling to keep up with a changing consumer market.
“This is not a situation that is sustainable for the entertainment sector,” said Chris Ostroff, CEO of the Entertainment Industry Association.
“Our industry is at a crossroads.
It’s time to rethink what our industry is and how we do business.”
Here are some of the top reasons that the entertainment business is going through the crisis: