“Entertainment industry is vast and is a reflection of the society we live in.” – Karrine Steffans.
With each passing year, the techniques of getting entertained are changing. People are no longer restricted to cinemas for their enjoyment.
Now, they have the opportunity to choose among the several forms of entertainment such as listening to music, watching short movies, reading books/magazines, and discovering something new that fascinates them.
Don’t you agree?
In fact, these enjoyment sources are no longer limited to a particular language. Due to the high-speed internet and applications available, people are discovering content from different countries as well.
Perhaps this is one of the causes that the entertainment and media industry is growing tremendously. Hang on! Do you find it hard to believe? Well, we have the report of Statista that indicates the forecast for 2021.
According to the report, the revenue of this industry is expected to rise to $2.1 trillion. Moreover, as most people are preferring OTT platforms for getting entertained, the CAGR (Compound Annual Growth Rate) is forecasted to grow by 11.6% in 2021. Now, that’s a lot!
So, do you believe us now? We see you are nodding your head!
In fact, this data is the reason why various companies are growing their businesses. However, as you know, there are several entertainment companies, so if we start talking about each of them, it’ll take ages. That’s why we’ll go through them one by one.
As for this article, we’ll talk about the production/broadcasting companies. So, if you own a production company, focuses explicitly on cinematography, you should continue reading this article. And believe us, by the end of this, you’ll get several ideas on how you can expand your company.
So, without further ado, let’s get started!
Understand your target audience
First of all, you need to understand that this industry is all about your target audience. If they don’t find the content you provide interesting, it’ll become challenging for you to survive in the market. That’s why you need to conduct research to find out what type of content your audience prefers.
Yes! It is indeed true that every person has different opinions and preferences. Some might like the comedy genre, while some might prefer thrillers. Nonetheless, you need to understand what the majority of your audience wants and have to come up with unique ideas that fulfill every person’s wish.
Once you have identified your target audience and learned about their preferences, you need to get your creative team together. Conduct the meeting with your team members and start brainstorming ideas to come up with new concepts. Don’t forget that you can also take inspiration from books, articles, and other countries.
In addition to this, one thing that everyone in your team must do is to observe their surroundings. Why? Because nature and the environment are always best for getting inspiration. Right?
Nonetheless, it is a long process. That’s the reason why we have collected some ideas for you to grow your business. Scroll down to learn what these ideas are!
Start providing more services.
Who said the production company is all about making movies?
It isn’t true! In fact, as every production company has several types of equipment and talented people, they can become a part of other industries as well.
In simple words, you can start providing the following services:
Start shooting short films:
As mentioned earlier, the growth rate of OTT platforms is very high. That’s why rather than focusing on making big-budget movies, you should focus on capturing youth’s attention by making short films or mini-series. Believe it or not, it’ll increase your profits immensely.
You can also make short films based on true stories. For example, you can shoot a love story of a couple who are getting married. In fact, you can get more creative here and make a stop-motion. How?
Well, you can take the help of photographers to capture the beautiful moments of the couple. Moreover, you can read more here to learn how to show their love, passion, and inner emotions in photographs. After that, you just need to use your editing team’s talent to turn the mere images into a movie.
Assisting/Guiding the small artists:
As you already have a team of talented people, you can use their talent to educate more people. Search for the small and rookie artists.
Train them and guide them at different stages of their careers. If you want, you can also hire them. Nonetheless, using your years of experience to help small artists will help in creating your brand image.
Not to forget that, it’ll also help you in attracting more youngsters.
Start your own e-magazine:
You can also start your e-magazine, including exclusive interviews with the artists you have worked with and your teams. You can also provide video clips. Nonetheless, ensure that your interviews are entertaining and are providing new pieces of information to the audience.
If you plan to do this, you can ask for subscriptions and provide special photographs and merchandise to your readers.
You might think that purchasing merchandise and collecting photocards are out of trend, but you are wrong. In fact, it’ll give your business a push, and we are sure that you’ll start making more profits.
Focus on promotions
Doing a business means that your ultimate goal is to make profits. To accomplish this motive, you need to focus on promotions. That means, no matter what your idea for expansion is, you need to promote it.
Want to make a short film, let people know using social media. Want to hire fresh talent or want to start a training program for newbies, do promotions. Starting your magazine, let the journalist/reports know about it.
Remember that if you don’t have an audience who’ll watch what you do, it’ll be a waste of time and money. So kindly pay attention to marketing your services.
To sum it all up!
Handling an entertainment company is not at all an easy task.
As the taste and preferences of your target audience change constantly. However, it is one platform that allows you to do experiments and try out something new.
All you need to do is brainstorm. So, start learning about the idea we shared with you and choose the best!