The weak economy is beginning to have an effect on the entertainment industry. 37% of Americans believe they will spend less on entertainment products and devices in 2008 versus 2007, compared to just 18% who anticipate spending more according to a new NPD Group study.
46% of respondents to NPD’s survey thought they would spend about the same amount in 2008 as in the prior year. Teens were the only age group where spending tipped positive; 30% believed they would spend more than last year, versus 25% who thought they would spend less.
Mix in more indie releases than ever, an increasingly confusing and fractured media landscape and a summer touring season dominated by aging superstars demanding high priced tickets and the short term industry outlook appears bleak.
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