Industry Adapts and Seeks Creative Solutions
- Physical entertainment market declines by 17%
- Retailers must adapt and offer unique benefits
- Growth in artist websites and concert venues for music sales
- Online retailers’ market share drops
- High street retailers should consider merchandise tie-ins
The physical entertainment market has experienced a 17.4% decline during the 12 weeks to 7 April, primarily due to reduced foot traffic, fewer major releases, and store closures for HMV. Kantar’s research reveals that physical stores gained a 55.9% share of the gaming market, while online retailers dropped to 44.1%, down from 47.1% in the previous year. Artist websites and concert venue stalls have shown resilience in the music sector, accounting for 7.3% (up from 4.7% last year). Giulia Barresi, Kantar’s consumer specialist, emphasizes the need for innovation: ‘Retailers must promote unique benefits of physical formats and explore additional merchandise tie-ins to attract customers who no longer need to purchase albums for listening purposes.’
Factuality Level: 8
Factuality Justification: The article provides accurate and relevant information about the decline in physical entertainment retail market, citing research by Kantar and including quotes from a consumer specialist. It also offers insights into potential strategies for retailers to increase sales.
Noise Level: 7
Noise Justification: The article provides relevant information about the decline of physical entertainment retail market and offers some insights into potential strategies for retailers to attract customers. However, it contains some repetitive information and could benefit from more in-depth analysis or data on the impact of social media and artist websites on sales.
Financial Relevance: Yes
Financial Markets Impacted: Physical entertainment retail market, online retailers
Financial Rating Justification: The article discusses the decline in physical entertainment retail market and its impact on various sectors like gaming, music releases, and online retailers. It also mentions the growth of artist websites and concert venues as a resilient market segment.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the text.
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