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entertainment industry (3)

Faisal Mohammed Al-Shamry

February 21 2022

The entertainment industry includes movies, cinemas, TV subscriptions and digital home video production, and 2019 box office revenue was estimated at $11 billion (this figure includes cinema ad revenue of $991 million), in the US market only.

The value of the entertainment and media market and industry in the United States in 2020 was estimated at more than $720.38 billion, while the value of the entertainment and media market globally in 2015 amounted to $1.72 trillion, and the rise in revenues for the year 2020 was able to make the “income” of this industry and market reach up to $2.14 trillion, but the global recession reduced the value of the entertainment and media market worldwide to $2 trillion, and estimates for 2021 exceed pre-Covid-19 levels to $2.2 trillion.

Imagine the economic impact and financial strength of the entertainment industry, which can be compared with other industries and economies, such as the mining and mining industry, which added in 2020 an estimated 0.9% of the value of the gross domestic product of the United States only, while the value of the technical, artistic and creative industries grows and increases.

We have initiatives for creative industries, but they need institutional integration, attention and care, to gradually grow and contribute to a growing and sustainable economic impact. Creative incubators still depend on local initiatives and sporadic efforts, which lack a federal legislative umbrella that is obligated to adopt the local creative content.

The complex of Al-Khawaja and heading to big names is still the master of the situation when taking a contractual decision, whether from governmental or semi-governmental agencies, and the local digital content is still missing, and if it exists, it is limited to a picture of a man or a woman or even a child and a child, wearing the national dress, and we may be shocked by their lack of knowledge of how Wearing it, but as long as the “Ghutra and the Agal” or “Kandora” are in the picture, then “Walk yourself”!

“Juha is the first with the flesh of his revolution.” We must set and develop controls that enhance the presence of the creative citizen element in the development and formulation of content, whether for photography, graphic drawing, or even in the development of an advertising scenario.

Perhaps the launch of the Dubai Creative Economy Strategy is a giant and qualitative leap that aims to transform Dubai by 2025 into a preferred destination for innovators from all over the world, the capital of the creative economy, and to double the contribution of the creative sector to Dubai’s GDP, from 2.6% at the end of 2020, to 5% by 2025, doubling the number of creative companies in the fields of content, design and culture, from 8,300 to 15,000, and increasing the number of creators from 70,000 in the Emirate of Dubai currently, to 140,000 in the coming period.

Will we see a federal umbrella that puts everyone in one field, and in front of a common goal to make the UAE a global platform for creativity and creators, to create global content in all languages, enhance the presence of Arabic content, and confront what we see as marketing for distorted media agendas of culture and thought, promoting immoral projections or distorted ideas?

Will we see a tendency to establish giant investment companies that invest in this context, as we all remember Ajman studios in the eighties, which were the nucleus of a regional production leap, and then declined, and we are following initiatives to establish studios and production cities, but without funding, content and marketing, there will be no tangible success stories.

Management Consultant, Digital Transformation, Expert and Evaluator of Corporate Excellence

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