Impact of Entertainment industry on economy

Author: Faiqa Mushtaq

You walk into a retail store, whatever it is, and if there is a sense of entertainment and excitement and electricity, you want to be there.”
(Howard Schultz)

In the world of technology we are living a robotic life. We might be called Human beings but living a life of robot. Nature has drawn a very fine line between human beings and machines, and one seem to cross it more often. The irony is that human beings have really been treated as machines in modern times.

” Cinema can fill in the empty spaces of your life and your loneliness.”
(Pedro Almodovar)

Entertainment is the source to release our stress. It provides strength and leisure. It works as a fuel to our vehicles. But the major source of entertainment is films, dramas, and music, but the point is are they the only source of entertainment? Have we ever thought about that how helpful they will be for our economy. They have a positive impact on our economy.

We think this industry provides jobs. Many people work in one project so, it provides jobs that’s it, but we never thought how helpful they would be to bring money in one country. It triggers a chain of activities like demand for tourism, accommodation facilities, food items, transportation services, health services and local labor in a particular economy.

According to one report, 80 million international travelers influenced by films worldwide. Hollywood is the biggest example, for us. Other than Hollywood many other countries are also getting advantages from this opportunity. Like Turkey’s new emerging industry. It is believed that one of the most important results of exporting TV series is to have impact on the increment of the travel demand to Turkey, which is known as film-induced tourism effect. It is concluded that Saudis and Bulgarians are countries most interested in visiting Turkey after the broadcast of the TV series. Turkish dramas reflects their culture and are the country’s most well known economic and cultural exports. Turkey is the world’s fastest growing television series exporter and has currently overtaken both Mexico and Brazil as the world’s second highest television series exporter after the United States.

There is another industry increasing day by day. Since the turn of 21st century South Korea has emerged as the major exporter of culture and tourism and give advantage to their economy. In 2014, the South Korean government allocated 1% of its annual budget to cultural industries and raised a $1 billion fund. Everyone is well aware of K-pop and K-dramas. They are famous for their unique concept and amazing direction. It is creating a great impact on other countries.

These dramas are also the source of diffusion of culture and language in other nations. There was the time when Bollywood was considered the second biggest industry in world, people start adopting their culture and language. As of November 2020, the Korean wave is led by K-pop with its stand-out acts such as BTS and Blackpink, followed by K-dramas. About 160,000 students around the world start learning Korean language due to Korean Wave in 2020.

This is not the era in which we can get control over a country through war or by showing power. Nation lost their identity when they forget their culture. To make them slaves attack their culture or values and this is only possible with your entertainment industry. You’ll be dominant when people start absorbing your culture. We all know during WW2 America was busy making films against Russia which helps them a lot in destroying Russia’s reputation in the world.

So by making strong content we can make our industry strong. Government should allocate budget for entertainment industry and promote or help the directors and producers to make such content which make our reputation strong in the world. This will be also helpful for our economy and will create a good image of our country in world.

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