Handbook of Cultural Economics, Third Edition
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Handbook of Cultural Economics, Third Edition

Edited by Ruth Towse and Trilce Navarrete Hernández

Cultural economics has become well established as a subject of interest for students and teachers of courses ranging from economics to arts administration as well as for policy-makers and practitioners in the creative industries. Digitisation has had a tremendous impact on many areas of the creative economy and the third edition of this popular book fully reflects it.
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Chapter 38: Motion-picture industry

Darlene C. Chisholm and Yu-Hsi Liu

Abstract

We present an analysis of the economics of the motion-picture industry, beginning with a discussion of traditional film production, theatrical distribution and exhibition, and describing each in the context of recent developments in the academic economics literature. We then analyse the significant impact that digitization and technological innovation have had on the industry, including a fundamental change in the cost of producing and distributing films, the facilitation of movie piracy, the creation of new media distribution channels including video on demand, and the role of critical reviews and social networks in a film’s financial success. We conclude by discussing the promise of ‘big data’ analytics in predicting demand and financial performance of films. A frontier research area in this field is in ‘big data’ analytics and machine learning. These tools hold significant potential for improving revenue forecasting, and modelling consumer-specific film-purchasing habits and preferences, with potentially significant welfare gains.

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