The Entertainment Economy: How Mega-Media Forces Are Transforming Our Lives [Hardcover]

Michael Wolf (Author)

Book Description

Publication Date: March 9, 1999

Every so often an author explains our culture in such a new and original way that from that day on we see the world around us in a new light. From Understanding Media by Marshall McLuhan through Nicholas Negroponte's Being Digital. the books that have shown us the clearest vision of the future have been those that recognize the central role of mass media.  

In The Entertainment Economy, Michael J. Wolf, the industry's most in-demand strategist, demonstrates that media and entertainment have moved beyond culture to become the driving wheel of the global economy.  From New York to New Delhi, from London to Lagos, from Singapore to Seattle, every business is locked in the same battle for consumer attention that movie producers and television programmers deal with on a daily basis.  Consumer businesses just like entertainment businesses have to turn to content for the competitive edge.  As adviser to companies like MTV, Paramount, Hearst, NBC, Universal, News Corporation, Bertelsmann and the NBA, Wolf is known by industry insiders as the moguls' secret weapon.  In clear, brash prose, full of real-life examples, Wolf shows how tomorrow's successful business person will have to act like a mogul in a global economy defined by hits and blockbusters.  

From MTV to Ford Motor Company, from Tommy Hilfiger to Martha Stewart, from Citibank to Amazon.com, from Stephen Spielberg to Richard Branson, Wolf shares the insights gained through his unique perspective as the founder of the world's largest media consulting practice, leaving no doubt that the watchwords for all consumer businesses in the 21st century are truly, "There's no business without show business."  Written with equal degrees of business and pop culture savvy, The Entertainment Economy is a book for everyone.

Editorial Reviews

Amazon.com Review

Michael J. Wolf says that all businesses--even banks and supermarkets--will increasingly need to be entertaining to thrive. In The Entertainment Economy, Wolf, one of the media industry's top strategists, demonstrates how business is becoming synonymous with entertainment--a trend that is exploding because of the Internet. Although no substitute for quality, a company's "E-Factor" is critical in establishing brand and attracting fickle consumers, he writes. "We have come to expect that we will be entertained all the time," Wolf says. "Products and brands that deliver on this expectation are succeeding. Products that do not will disappear." Entertainment is becoming a big part of some industries you might not think of in this regard. For example, CNBC, a business-news cable station, is a hit because it treats the stock market like entertainment, Wolf writes. Tommy Hilfiger, a clothing retailer, became a "cool brand" by promoting rock stars and other celebrities. No merchant can escape the impact of entertainment--especially on the Internet. An online business must grab people or it will perish. When businesses stake out a position on the Web, they can't just provide online ordering. They must also feature compelling "entertainment content" to win customers. The author, a consultant for Viacom, Newscorp, and other media giants, sprinkles his book with inside stories about Ted Turner, Barry Diller, and Steven Spielberg. This book is for business owners, advertising pros, and people interested in a different take on what's driving the economy. --Dan Ring

Review

"Since I always read the end of a book first, I loved the conclusion of THE ENTERTAINMENT ECONOMY.... Imagination, Michael Wolf contends, is the most valuable asset of all. As proof, he takes you on a pop culture tour, uncovering the lessons of Michael Jordan, Madonna, Viagra, e-commerce and sports utility vehicles, and finally, the mystery of how you get to create the next cultural phenomenon. I laughed, I cried, I took notes."
        --Judy McGrath, President of MTV

"As advisor to many of the world's top media moguls, Michael Wolf has th eultimate insider's view of how entertainment is changing every aspect of our lives. In his engrossing book, THE ENTERTAINMENT ECONOMY, he offers insights on the new and traditional media and the decision-makers who will change our economy and culture."
        --Bob Pittman, President and Chief Operating Officer of America Online

See all Editorial Reviews

Product Details

• Hardcover: 336 pages
• Publisher: Crown Business; 1st edition (March 9, 1999)
• Language: English
• ISBN-10: 0812930428
• ISBN-13: 978-0812930429
• Product Dimensions: 9.3 x 6.4 x 1.3 inches
• Shipping Weight: 1 pounds
• Average Customer Review: 3.6 out of 5 stars  See all reviews (34 customer reviews)
• Amazon Best Sellers Rank: #2,399,449 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

16 of 18 people found the following review helpful:

1.0 out of 5 stars Skip it, January 11, 2001

By 

Adam F. Jewell (Pittsburgh, PA USA) - See all my reviews
(REAL NAME)   

This review is from: The Entertainment Economy: How Mega-Media Forces Are Transforming Our Lives (Hardcover)

This book is not worth your time or money. "The Entertainment Economy" is a Fast Company article expanded to 300 pages. If you've been awake and breathing recently, you know that the entertainment component of almost anything is becoming increasingly important. Providing an experience, as opposed to simply a product is becoming more important. A hit movie can open the doors to sell complimentary merchandise, which may end up being more lucrative than the movie itself. OK, so why does it take 300 pages to explain this? It doesn't, just read the reviews people have written, and keep you eyes open when you go out in the world.

So much sizzle surrounding this book, from the glittery cover to Judy McGrath at MTV.."I laughed, I cried, I took notes" Come on, get real, a box of Kleenex would be a better investment! I've never given a book one star in the past, but trust me, this is all it deserves.

19 of 22 people found the following review helpful:

5.0 out of 5 stars A Handbook For Artists in the New Economy, January 12, 2000

By 

Frank (Alexandria, VA) - See all my reviews

This review is from: The Entertainment Economy: How Mega-Media Forces Are Transforming Our Lives (Hardcover)

It is the best of books, it is the worst of books. But for those of you interested in becoming self-supporting, even wealthy, beloved and famous artists, ignore Michael Wolf's book, The Entertainment Economy, at your own risk. The only thing really shocking about this book is that it sets down in cold, facile language the rules of getting your product into the raging currents of the media deluge. At first glance it is a discouraging read for those who still harbor thoughts about the sanctity of artistic expression. Look a little deeper, though, and realize that what this mega-media consultant has given you is the keys to the kingdom. Instead of thinking of yourself as another lonely writer, filmmaker, or singer at the mercy of a hostile media universe, change your self-concept to that of an AEO, or Artist-Executive Officer, of your own entertainment corporation. Because the bottom line to people like Wolf and the media clients he serves is money, market share and mo' money.

From this vantage point, which has you thinking tactically about the business of finding an audience, as well as strategically about the nature of your expression, Wolf's book can serve as a manual in how to breach the citadel of entertainment corporations who control your ability to achieve your objective. As Sun-Tzu said, "It is only one who is thoroughly acquainted with the evils of war that can thoroughly understand the profitable way of carrying it on, " and in this vein I offer ten maxims gleaned from Wolf's book which describe the objectives, operations and thought processes of the enemy: Maxim I: There are rules to the game, learn them. Does it make any sense to spend your whole life developing your artistic expression to lose the opportunity at the final gate because you are ignorant of certain entertainment business fundamentals? The concept of the AEO, or Artist-Executive Officer, is a hybrid - in today's media environment you have to develop your craft and understand the rules of business if you want your work to reach an audience. There is an upside to subjecting yourself to learning the rigors of dollars and sense business considerations - it quickly rubs off any juvenile shine your work may have to it. Maxim II: You are competing against everything else. Everything. From an entertainment executives point of view, every product in the media multi-verse is simultaneously competing with everything else out there - not for honor or recognition, but for market share and consumer dollars. There is no such thing as an isolated medium, so your product has got to stand up to universal expectations of production and entertainment value no matter what medium you are working in. Maxim III: Your product must fulfill the audience need to be entertained. Having so many entertainment choices available to us at any given moment and so little time in which to enjoy them, Wolf says, has the effect of, ". . . upping the ante for each entertainment decision. Not only is a bad movie perceived as a waste of time, it also represents a major opportunity cost in terms of other fun one might have had. The value of each leisure moment is increasing, and with it the consumer's demand that time spent be high-quality time." Maxim IV: Be aware of trends in society and entertainment. Your goal as an artist is to be, " . . . so in touch with the times [you] can express the longings and desires of mass humanity . . . what we are talking about are people who can feel the vibrations in the air and catch the wave of mass culture," says Wolf. Maxim V: Your product must be finely tuned with an eye toward Maxims III and IV. The first hurdle you have to pass is the "Who Cares?" test. Then it must simply entertain a mass audience in such a manner that it becomes a cultural tsunami that will have you exclaiming, "I'm King of the World!" Maxim VI: The market is growing, more content is needed. For Wolf, we're living in a New World Entertainment Order, with the opening of developing and formerly closed markets, the explosion of new programming channels from satellite TV to MP-3 and the, "Entertainmentizing of the Economy." With this phrase, Wolf describes the addition of entertainment content to every aspect of our lives, which leads us to . . . Maxim VII: Artists have the upperhand over the suits because they are hungry for content to sluice through their channels. Wolf describes a, ". . . fundamental shift in the balance of power in every aspect of entertainment. In two words: talent rules." Maxim VIII: The suits control distribution, deals and marketing more than they do content. Don't let them intimidate you - if they didn't need you, they wouldn't talk to you in the first place. The fact is, suits and talent are locked in more of a symbiotic embrace than the death tango of the mongoose and the cobra. Maxim IX: Entertainment is an alchemy which hasn't been bottled. Do not panic. In case of panic, paste this phrase to a wall and beat your head against it. The demand for content is here to stay. Develop your craft, respect the audience, understand the society in which you live and you will sell what you have to offer. Someday. Maxim X: Every entertainment concept, product and empire started with an idea that didn't exist before. Not only should you not panic, you should be feeling pretty good about yourself. Last year's phenomenon percolated in the back of a busboy's mind for perhaps as long as twenty years before it broke all land-speed records on its way to a gazillion unit sales. In the end, you have an equal chance as anyone who shows up with the right product at the right time - especially if you know the rules of engagement beforehand.

9 of 10 people found the following review helpful:

1.0 out of 5 stars Only for the Tom Peters clientele..., June 18, 1999

By 

Magnus Lindkvist - See all my reviews

This review is from: The Entertainment Economy: How Mega-Media Forces Are Transforming Our Lives (Hardcover)

Michael J Wolf is a consultant, and it's in consultants's nature to get everyhting 5 years after everybody else, write it down in a simplistic manner, put a glitzy cover on it and give it a profound name, preferably with the prefix "In Search of..." or "How.... changed the world". Michael J Wolf is no exception. The book is littered with clean-cut examples, like being in "awe of a Disney cruise ship" or " realizing that the groovy sounds of Sheryl Crow could be used to launch a new GM product". It reminds me a lot of the writings of Michael Eisner in the Disney annual reports - clean cut, diluted, soulless and with a tone of voice that reminds us of when 40/ 50-somethings tries to utter the words 'cool' or 'hip'. Wolf isn't for real, he is an overpaid Harvard-grad who entered the biz at boardroom-level spewing out trivialities top-management about "downsizing, value-adding, entertainment- factors, yadda, yadda, yadda". This book is strictly for the Tom Peters clientele, the middle management types who once a year "take a walk on the wild side" with a "groovy" (and expensive) workshop and the compulsory buffet...in short, the wanna-be visionaries. See Michael J. Fox in Teen Wolf, instead, it's a more entertaining combination of the author's name.