Entertainment Industry Economics

Preface = xvii Part I　Introduction 　Chapter 1　Economic perspectives = 3 　　1.1 Time concepts = 3 　　　　Leisure and work = 3 　　　　Recreation and entertainment = 4 　　　　Time = 5 　　　　Expansion of leisure time = 5 　　1.2 Supply and demand factors = 9 　　　　Productivity = 9 　　　　Demand for leisure = 10 　　　　Expected utility comparisons = 12 　　　　Demographics and debts = 13 　　　　Barriers to entry = 14 　　1.3 Primary principles = 16 　　1.4 Personal-consumption expenditure relationships = 19 　　1.5 Industry structures and segments = 23 　　　　Structures = 23 　　　　Segments = 24 　　1.6 Valuation variables = 27 　　　　Discounted cash flows = 28 　　　　Comparison methods = 29 　　　　Options = 29 　　1.7 Concluding remarks = 29 　Selected additional reading = 31 Part II　Media-dependent entertainment 　Chapter 2　Movie macroeconomics = 35 　　2.1 Flickering images = 36 　　2.2 May the forces be with you = 38 　　　　Evolutionary elements = 38 　　　　Pecking orders = 42 　　2.3 Ups and downs = 44 　　　　Admission cycles = 44 　　　　Prices and elasticities = 46 　　　　Production starts and capital = 47 　　　　Release and inventories = 48 　　　　Market-share factors = 51 　　　　Collateral factors = 51 　　　　Financial aggregates = 58 　　2.4 Markets - primary and secondary = 58 　　2.5 Assets = 64 　　　　Film libraries = 64 　　　　Technology = 64 　　　　Real estate = 67 　　2.6 Concluding remarks = 67 　Selected additional reading = 70 　Chapter 3　Making and marketing movies = 72 　　3.1 Properties physical and mental = 72 　　3.2 Financial foundations = 74 　　　　Common-stock offerings = 74 　　　　Combination deals = 75 　　　　Limited partnerships and tax shelters = 76 　　　　Bank loans = 79 　　3.3 Production preliminaries = 80 　　　　The big picture = 80 　　　　Labor unions = 82 　　3.4 Marketing matters = 83 　　　　Distributors and exhibitors = 83 　　　　Home video and merchandising = 91 　　3.5 Profitability synopsis = 97 　　3.6 Concluding remarks = 99 　Selected additional reading = 99 　Chapter 4　Financial accounting in movies and television = 103 　　4.1 Dollars and sense = 103 　　　　Contract clout = 103 　　　　Orchestrating the numbers = 104 　　4.2 Corporate overview = 105 　　　　Revenue-recognition factors = 105 　　　　Inventories = 106 　　　　Amortization of inventory = 107 　　　　Unamortized residuals = 109 　　　　Interest expense and other costs = 109 　　　　Calculation controversies = 110 　　　　Statement of Position 00-2 = 111 　　　　Merger and acquisition issues = 113 　　4.3 Big-picture accounting = 114 　　　　Financial overview = 114 　　　　Paricipation deals = 117 　　　　Distributor-exhibitor computations = 124 　　　　Distributor deals and expenses = 125 　　　　Studio overhead and other production costs = 128 　　　　Truth and consequences = 129 　　4.4 Television-programming accounting = 130 　　　　Feature licensing = 130 　　　　Program production and distribution = 134 　　4.5 Weak links in the chain = 143 　　　　Exhibitors: the beginning and the end = 143 　　　　Distributor-producer problems = 145 　　4.6 Concluding remarks = 145 　Selected additional reading = 146 　Chapter 5　Music = 148 　　5.1 Feeling groovy = 148 　　5.2 Size and structure = 150 　　　　Economic interplay = 150 　　　　Composing, publishing, and managing = 155 　　　　Royalty streams = 157 　　　　Guilds and unions = 159 　　　　Concerts and theaters = 160 　　5.3 Making and marketing records = 160 　　　　Deal maker's delight = 160 　　　　Production costs = 162 　　　　Marketing costs = 163 　　　　Distribution and pricing = 163 　　5.4 Financial accounting and valuation = 166 　　　　Artists' perspective = 166 　　　　Company perspective = 168 　　　　Valuation aspects = 170 　　5.5 Concluding remarks = 170 　Selected additional reading = 171 　Chapter 6　Broadcasting = 173 　　6.1 Going on the air = 173 　　　　Technology and history = 173 　　　　Basic operations = 176 　　　　Regulation = 179 　　　　Organizational patterns and priorities = 180 　　6.2 Economic characteristics = 187 　　　　Macroeconomic relationships = 187 　　　　Microeconomics considerations = 189 　　6.3 Financial-performance characteristics = 190 　　　　Variable cost elements = 190 　　　　Financial-accounting practices = 191 　　6.4 Valuing broadcast properties = 193 　　6.5 Concluding remarks = 195 　Selected additional reading = 197 　Chapter 7　Cable = 201 　　7.1 From faint signals = 201 　　　　Pay services evolve = 202 　　7.2 Cable industry structure = 203 　　　　Operational aspects = 203 　　　　Franchising = 208 　　　　Revenue relationships = 209 　　7.3 Financial characteristics = 211 　　　　Capital concerns = 211 　　　　Accounting conventions = 214 　　7.4 Development directions = 215 　　　　Pay-per-view = 215 　　　　Cable's competition = 216 　　　　Telephone companies = 217 　　7.5 Valuing cable-system properties = 218 　　7.6 Concluding remarks = 220 　Selected additional reading = 221 　Chapter 8　The Internet = 223 　　8.1 Casting a wide net = 223 　　8.2 Rules of the road = 225 　　　　Laws of the media = 225 　　　　Network features = 227 　　8.3 Operational aspects = 228 　　　　Agent of change = 228 　　　　Revenue sources = 230 　　8.4 Accounting and valuation = 231 　　　　Accounting = 231 　　　　Valuation = 232 　　8.5 Concluding remarks = 234 　Selected additional reading = 234 　Chapter 9　Publishing = 236 　　9.1 Gutenberg's gift = 236 　　　　First words = 236 　　　　Operating characteristics = 237 　　9.2 Segment specifics = 240 　　　　Books = 240 　　　　Periodicals = 242 　　9.3 Multimedia = 246 　　9.4 Accounting and valuation issues = 247 　　　　Accounting = 247 　　　　Valuation = 248 　　9.5 Concluding remarks = 249 　Selected additional reading = 249 　Chapter 10　Toys and games = 251 　　10.1 Not just for kids = 251 　　　　Financial flavors = 253 　　　　Building blocks = 256 　　10.2 Chips ahoy! = 257 　　　　Slots and pins = 257 　　　　Pong: pre and après = 258 　　10.3 Structural statements = 260 　　　　Home video games = 260 　　　　Coin-op = 260 　　　　Profit dynamics = 261 　　10.4 Concluding remarks = 262 　Selected additional reading = 263 Part III　Live entertainment 　Chapter 11　Gaming and wagering = 267 　　11.1 From ancient history = 267 　　　　At first = 267 　　　　Gaming in America = 268 　　11.2 Money talks = 279 　　　　Macroeconomic matters = 279 　　　　Funding functions = 281 　　　　Regulation = 282 　　　　Financial performance and valuation = 283 　　11.3 Underlying profit principles and terminology = 284 　　　　Principles = 284 　　　　Terminology and performance standards = 286 　　11.4 Casino management and accounting policies = 289 　　　　Marketing matters = 289 　　　　Cash and credit = 291 　　　　Procedural paradigms = 292 　　11.5 Gambling and economics = 293 　　11.6 Concluding remarks = 295 　Selected additional reading = 296 　Chapter 12　Sports = 300 　　12.1 Spice is nice = 300 　　　　Early innings = 300 　　　　Media connections = 301 　　　　The wagering connection = 305 　　12.2 Operating characteristics = 305 　　　　Revenue sources and divisions = 305 　　　　Labor issues = 306 　　12.3 Tax accounting and valuation = 308 　　　　Tax issues = 308 　　　　Asset valuation factors = 311 　　12.4 Sports economics = 311 　　12.5 Concluding remarks = 312 　Selected additional reading = 312 　Chapter 13　Performing arts and culture = 317 　　13.1 Audiences and offerings = 317 　　　　Commercial theater = 318 　　　　Orchestras = 324 　　　　Opera = 324 　　　　Dance = 325 　　13.2 Funding sources and the economic dilemma = 325 　　13.3 The play's the thing = 328 　　　　Production financing and participations = 328 　　　　Operational characteristics = 330 　　13.4 Economist echoes = 331 　　13.5 Concluding remarks = 331 　Selected additional reading = 334 　Chapter 14　Amusement/theme parks = 337 　　14.1 Flower power = 337 　　　　Gardens and groves = 337 　　　　Modern times = 338 　　14.2 Financial operating characteristics = 339 　　14.3 Economic sensitivities = 344 　　14.4 Valuing theme-park properties = 346 　　14.5 Concluding remarks = 347 　Selected additional reading = 347 Part IV　Roundup 　Chapter 15　Epilogue = 351 　　15.1 Common elements = 351 　　15.2 Guidelines for evaluating entertainment securities = 354 　　15.3 Final remarks = 357 Appendix A: Sources of information = 359 Appendix B: Major games of chance = 361 Blackjack = 361 Craps = 363 Roulette = 365 Baccarat = 368 Slots = 370 Other casino games = 371 　　　　Poker = 371 　　　　Keno = 371 　　　　Big Six Wheel = 372 　　　　Bingo = 372 　　　　Pai Gow, Fan Tan, and Sic Bo = 372 　　　　Pan = 374 　　　　Trente-et-quarante (Rouge et Noir) = 375 Lotteries = 376 Tracks = 377 Sports book = 379 Appendix C: Supplementary data = 381 Glossary = 411 References = 435 Notes = 451 Index = 525

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