Will the Economy Help TV and the Web?
October 9, 2008 8:40 PM
Historically, it’s said that during economic down times, the entertainment business has weathered the storm. As situations push consumers to lay low and spend time near home, plenty of signs have suggested that they turn to lower-cost entertainment like TV and movies.
It makes sense. It costs about $75 per person minimum for Thursday dinner at STK or Nobu. For $15, you can see a movie with friends.
For roughly $40 a month, enjoy television or engage and interact on the Web.
If consumers are cutting budgets and spending less, I wonder: Will it mean an increase in television viewership, movie ticket sales or use of the Internet?
It’s always been chic among friends in Los Angeles to host small house dinners, football and other TV parties. Somebody always cooks and everybody brings something. Locals do it to avoid the hectic social scene in town but it’s also a good way to stay social on a budget.
Could this present an opportunity to Internet and media companies?
There have already been early signs of companies adjusting their mindset. Coutorture.com posted a round-up of its favorite “Feel Like Staying In?” this week. “Today” show style expert Bobbie Thomas gave tips on how to shop in your closet for those on restricted budgets.
Networks should consider promoting show-viewing parties and drive engagement on the Web. I bet it could generate attachment and viewership on shows across a wide range of demographics.
We’ll ultimately still need to find ways to entertain ourselves. Could this be an opportunity for broadcast, radio, print and Internet content providers to fill the gap?
I’d love to see it happen!