The secret to Australia’s booming entertainment industry?
Start by getting your entertainment system right.
That’s the advice of the Australian Institute of Corporation and Industry’s chief executive and founder of the company, Dr Tony O’Reilly, who says that the entertainment industry needs to be “taken seriously” by Australian business and government.
“You need to have a strong system that is backed up by strong leadership and that’s where the business model comes from,” he said.
“The key to success is the entertainment system and the way it works.”
Dr O’ Reilly said the key to the industry’s success was in getting its audience to pay.
“People are willing to pay, they’re willing to listen and that gives you the power to get your products out there,” he explained.
“If you can deliver the value for money, people will buy it and you’ll be able to keep that going for a long time.”
What’s behind the growth?
The entertainment industry is a key driver of economic growth in Australia.
According to the Australian Bureau of Statistics, gross domestic product (GDP) in Australia increased by 2.5 per cent last year, more than twice the national average of 0.6 per cent.
In 2016, the entertainment sector added more than $12 billion to the economy.
“It’s not just about getting the kids into the theatre,” Dr O’Ores said.”[But] it’s also about the quality of life for people who live in the entertainment market.”
But despite the strong performance in the economy, Dr Oes said the industry needed to “rethink” its strategy and focus on attracting more young people.
“Young people don’t want to be on television,” he stressed.
“They want to live their lives and have fun, and they don’t really want to watch reality TV.”
Dr Tony Oes believes the entertainment economy has a “long way to go” to make up for its low level of engagement.
He said a “big part of that” was the need to provide a good quality of entertainment to the young and under-represented population.
“We need to get the culture of entertainment, the culture that the younger generations want to follow,” he added.
“There needs to have been a real cultural shift in the past 40 years.”
Dr David Jones, who co-founded the Australian Television and Radio Commission in 2009, believes the industry needs “major structural changes” to address the challenges it faces.
“I think there’s a long way to get there,” Dr Jones said.
Topics:arts-and-entertainment,media,australiaFirst posted April 06, 2021 17:15:03Contact Amy HaysMore stories from Australia