My article today is Popular Culture and the Economy by DON CUSIC AND GREGORY K. FAULK
The purpose of this journal article is to focus on one aspect of popular culture and its impact on the economy. It also examines in detail the impact of popular culture which are broadly classified into the information sector such as the arts, entertainment and recreation sector on the US economy. The information sector contains media-based companies that has produced US$885 billion of economic output in 2010, about two-thirds of that output are tied to popular culture industries. Over half of the economic output in this sector is in films, TV, Video games and cable programming content where consumers can see and hear. Consumers still have an affinity for traditional print-based media, which comprises 15% of popular culture output in the sector. For example The National Football League is today the most profitable and valuable economic force in sports, easily eclipsing baseball, basketball, and all other competitors in the American sports or business universe. In recent seasons the NFL by far the richest sports league in the world has generated more than $6 billion a year in revenue. The league receives more than $2 billion a year from its television contracts alone and rakes in billions more from sales of tickets, advertising, and merchandise.
According to the journal article explains that The notion that we live in an information economy is indisputable, but exactly what is the information economy and why does it include some popular culture products because New technologies like the i Pods, gaming, gadgets .Internet memes and Internet chat speak movies, TV, radio...music...comics and graphic novels...sports and pastimes...fads, fashion, and fast food are all part of pop culture that brings us together as a people and communities everywhere.
Popular culture can be thought of as a composite of all the values, ideas, symbols, material goods, processes, and understandings that arise from mass media, such as the advertising and entertainment industries, as well as from other avenues, such as games, food, music, shopping, and other daily activities and processes.
One perspective of popular culture is that it can be viewed as the
leisure time activities of consumers. Popular culture is a world in which everything is for sale one way or another—a world of commercialism. The environment is often thought of as a product to be consumed, and, as a result, pollution becomes one facet of an ever-growing concern of the American popular culture. Companies involved in the capitalization and industrialization of the United States increasingly promote their products, and themselves, as being in tune with nature.
According to the journal article explains The heavy investment by corporations in films, TV, and cable programming is based on consumer preferences. Consumers spend more money on entertainment that they can see and hear than they do on print-based media or sound recordings. Within the Information sector over half of popular culture industry output is centered on cable TV programming, which contributed about US$820 billion to the economy in 2010.
The fact that cable programming is the largest popular culture based component of the Information sector comes as no surprise because the industry has continually expanded offerings since the introduction of Home Box Office (HBO) in 1975. Because of packaged programming by cable providers, there is little variation in the number of subscribers to the top twenty programming networks. As of December 2010, they all have approximately ninety seven million subscribers paying average sixty five to one hundred twenty dollars each. National Cable & Telecommunications Association. Cable programming has created icons of popular culture: ESPN, CNN, QVC, Nickelodeon, and MTV, among others.
Transmission of entertainment over the airwaves is 73% of popular culture output in the sector. Although a cultural giant, music is a relative economic midget consisting of 64% of information sector popular culture output. The arts, entertainment, and recreation sector of the economy provides live entertainment and has contributed US$580 billion to the US economy in 2010, roughly one-third of popular culture-related economic output. Most spending in this sector occurred in amusement, gambling, and recreation, which made up 55% of the sector output. The attraction of performing artists and athletes also generated significant economic impact. Economic output in the performing arts, spectator sports, and related industries was about 41% of all economic output in the sector. Museums and historical sites had the least economic contribution,14% percent of the sector's economic impact.
In conclusion the economic impact of popular culture can be measured using definitions
and data from the Bureau of Economic Analysis. Cultural products are identified as those that directly express attitudes, opinions, ideas, values, and artistic creativity. They provide entertainment or offer information and analysis. In 2004, industries involved in creating and producing popular culture products, goods, and services contributed US$885 billion to the economy. That is why The attraction of performing artists and athletes also generated significant economic impact. Economic output in the performing arts, spectator sports, and related industries was about forty-one percent of all economic output in the sector. Museums and
historical sites had the least economic contribution, four percent of the sector’s economic impact.
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