The Entertainment Economy

The Entertainment Economy: ­ How Mega-Media Forces are Transforming Our Lives, is a book written by Michael J. Wolf. Made in 1999, the book was published by Times Books. What Wolf states is that the driving force behind the American economy is actually the entertainment industry. And after reading through his book, I tend to agree with his viewpoint.

A terms that really stuck out was "Hedonomics". The idea of "Hedonomics" is the theory of the ability to understand the consumer who is primarily focused on fun. The average person is continuously pressured from work or school (or all the other stressful situations we have), and there is extra time available, they usually fill that void with entertainment.

He says that there are people called "alpha consumers" who pretty much make or break the products we see. These "alpha consumers" (like high tech phones with business people), can make or break the product with a positive or negative response. If the "alpha consumers" enjoy the product, then it has a better chance with the mass market, as they would simple follow.

Michael Wolf also states that one of the biggest selling points that companies need to pay attention to is creativity. And it makes sense, as creativity is the key to an ingenious commercial, a catchy song, or even an aesthetically pleasing advertisement.

Overall, I have to say that this was a fascinating book and should be on any Media/Business majoring student. Highly recommended for anyone looking for insight on how to advertise or on the American economy.