The sector of show and entertainment it generated 54 billion in revenues in 2022, exceeding the 2 level by 2019%. It has therefore recovered pre-Covid levels and promises to grow further in 2023 to reach 55,8 billion at the end of the year. They are some of the data of the last one Banca Ifis Market Watch, the first dedicated to "Economics of Performing Arts and Entertainment", created on the occasion of the start of the Festival of Sanremo of which the bank is one of the sponsors.
The study carried out by Banca Ifis as part of Kaleidos, its own social impact assessment laboratory, aims to take a picture of the state of health of the sector and measure its economic and social value. The lion's share, in a country like Italy passionate about bel canto, does the music, one of the segments most appreciated by Italians who listen to it for an average of 20,5 hours each week and who consider it an important source of individual well-being, with 75% of Italians questioned declaring they feel less stressed when listening to their favorite song .
The economic and social value of the Economy of Entertainment and Entertainment
The analysis of costs and revenues of the Sanremo Festival and its positive numbers are just the tip of the iceberg of an Italian economy of entertainment and entertainment that has returned to health after the suffering of the two-year pandemic. In 2020, the pandemic had really slowed down a sector that suffered from the suspension of live activities in theatres, concert halls and other places of aggregation. The recovery of the 2021-22 two-year period has instead brought the weight of the Entertainment Economy back to the1,5% of the national GDP, a value in line with the past.
The analysis of the activities of the Economy of Show business and entertainment
Going into detail, the sector is made up of two different sectors. On the one hand there are the core activity, or those that contribute to the creation of shows and entertainment such as publishing (books, newspapers, periodicals, etc.), products forEntertainment (games, video games, etc.), conception and production of shows (photography, dance, etc.) e artists (cachet, copyright, etc.). In 2022, these have registered revenues of 26,8 billion euros, up by +7% compared to 2019.
On the other side are the functional activities, i.e. enabling the creation of material and the distribution of core sector products such as dissemination of content (cinemas, theaters, etc.), repair errestoration (musical instruments, etc.), support for representations (equipment rental, etc.), medium (televisions, etc.). The latter recorded revenues of 2022 billion euros in 27,3, still marking a slight decrease of -2% compared to 2019 levels.
Overall, according to Market Watch data, the entertainment and entertainment sector is estimated to grow by +2023% in 3 with revenues forecast at 55,8 billion euros, thanks to the momentum in the production and distribution of content, above all for television and cinema.
Music and its role in Italian life
Within the economy of entertainment and entertainment, the music sector deserves a separate focus. Italians spend 20,5 hours a week listening to it and also for this reason, the Italian record market proves to be in good health with a market value at the end of 2021 which stood at 332 million euros and a growth outlook of +18 % in the first half of 2022 (latest data available). Numbers which, projected on an international level, make the Italian one the tenth record market by value.
Music for Italians also has a strong social value. According to the results of the Market Watch on the Economy of Entertainment and Entertainment, 75% of Italians feel less stressed when listening to their favorite song. The positive impacts of music are also reflected on the working productivity: 59% of the sample believes that this is greater when listening to music and even 85% listen to it at work because it has a positive impact on mood.
Finally, the ways of listening to music. Sticking to 2022, only 14% of respondents said they had bought a music CD and only 9% a vinyl in the 30 days preceding the interview. And streaming services are becoming more and more popular, used by 70% of the answers. The radio is confirmed as the preferred method of use and is chosen by 20% of the interviewees who in any case share it with streaming.
