08 April 2010

QotD: Media Consumption

Marginal Revolution | Tyler Cowen | Hollywood opposes betting markets on film revenue

So much of our cultural industries have been built on consumer mistakes and those days are coming to an end, rapidly.
By "mistakes" Cowen means people buying things they turn out not to like, and/or that turn out to be not as they were represented.  People may not like what they get, but they've already plunked down their money, so producers don't care much, especially since production companies in media tend not to have strong brand identities (ie if you feel let down by a Sony Pictures release, you doesn't make you much less likely to see the next Sony Pictures release).

I would be interested to know what the National Association of Theater Owners thinks about betting markets for films.  Presumably they like it for the same reason Holywood doesn't.

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