As it stands currently when it comes down to which entertainment industry is cashing out yearly, so many people will scream Hollywood. However, they are extremely wrong. Just because Hollywood is more glamorous, doesn't mean they are cashing out.
According to the ESA (Entertainment Software Association) and the NPD group, their latest figures show that in 2018 alone, the gaming industry gave the movie industry a run for its money.
The video game industry raked in a whopping 43.4 billion dollars in revenue. This is about four times the money that was made by the top one hundred movies of 2018.
The way it works now, you can stop dreaming about being the next Beyonce or starring in the next Marvel movie because the real money is currently locked in the gaming universe. This is great news as so many of us have social anxiety.
For a total of two decades, the gross sales of video games have significantly outweighed the receipts of the prominent box office. They have successfully surpassed the combination of theatre earnings and earnings of home videos altogether.
Every year, the video game industry has earned more revenue than the movie and music industry combined.
Movies Versus Games
If you want to compare the best movie premieres in the entire cinema history with the best game releases, it is evident that Hollywood has more glamour.
However, what is glamour compared to money? On the 27th of April, the premiere alone of Avengers: Infinity war was estimated to have raked in $257,698,183. This made it the best opening box office in movie history.
Closely followed is Star Wars: The Force Awakens which was released on the 18thof December 2015. It raked in $247,966,675.
Meanwhile, in our gaming universe, Grand Theft Auto V which was released on the 17th of September 2013, brought in roughly eleven million unities under twenty-four hours. In simpler terms, it raked in sales of about $817.5 million.
Within three days, the game successfully registered revenue of a billion dollars. It has since been rated as the highest-grossing entertainment product ever.
Grand Theft Auto V is followed closely by Rockstar Games' Red Dead Redemption 2. From its current chart, this game is a much bigger deal than the entire Avengers franchise.
According to charts by Statista, the games produced by Rockstar have made larger debuts than the biggest films we have today which consists of:
While Grand Theft Auto raked in one billion dollars within three days and earned the fastest-selling title ever, Avengers and Star Wars managed to rake in two billion dollars globally.
Besides, they made the fourth and third-biggest movies ever produced as the first and second remains Avatar and Titanic. To put it out there, Grand Theft Auto V has a minimum of seven Guinness World Records.
To Wrap It Up
As they say, numbers do not lie. The gaming industry is not as you thought it was before. The industry is seriously giving both music and movie industries a big run for their money and we are here for it.
Gaming is no longer for nerds alone, everyone is engaging in it via one way or another.
Streetwear is loosely defined as common clothing items for casual wear that gain significance in the lifestyle of a people. Usually, one can trace the roots of streetwear culture to California in the 80s when skating was quite in fashion. Later on, it was adopted as hip-hop culture taking over everywhere including Japan. However, in the past few years and especially in 2018, streetwear became more commonly appreciated and prominent with Yeezy, Supreme, Nike, and Adidas.
The millennial and Gen-Z are now the growing consumers of the fashion and they seek products that offer a sense of community along with trend. It can be speculated that streetwear culture is about an attitude towards trends and fashions, therefore, becoming a lifestyle rather than a reduced fashion statement.
How is Streetwear Becoming Common?
Social media and technology are not the same as it used to be. Once a trend is adopted by famous people, it is then hyped by fans and social media influencers. On Instagram, it is easier to see the trend of social media influencers and celebrities to promote a common style or trend which later trickles down to the common man before the next new thing is introduced. Most of the people who hype up the culture are young people who share their taste for certain things.
For instance, a shared love for ‘indie’ music and ‘alternative’ bands gave rise to people who dressed similarly. Similarly, the streetwear culture is something of a representation of the people, their taste in arts, music, and fashion. In other words, this type of trend encompasses a broader population and allows everyone to participate. It is only natural that more people would dress up trendy when the trend is easily accessible and in fact, introduced by the people rather than high-end fashion brands or magazines.
Which Brands Fall Under Streetwear Culture?
Although people can wear fake or alternative things, the brands still take up much of the space in the streetwear. Brands such as Nike, Adidas, Supreme, Off-White, and Obey. Most of these brands are equally reciprocated by men and women equally. However, there are others like Stussy, A-Cold-Wall*, Kith and Heron Preston which have refined collections for women who want to wear streetwear.
These brands make the desired large-sized hoodies and t-shirts and huge sneakers. The trend usually includes graphic logos and animations which especially cater to the youth on Instagram. There is an interconnected nature of fashion consumption fueled by social media and street culture.
The Market for Streetwear Culture
While big names like Supreme or Adidas and many others remain a preference among consumers, they are not limited in their choices. Many people are now starting their own business or startup to cater to the streetwear culture which would be more affordable for people with different income levels. There is a wide market for anyone who has unique ideas to present authentic and fashionable streetwear to the people who are inspired by hip-hop culture in 2019. In fact, you can even resell the items and they sell out within hours.
Platforms like Spotify, iTunes, SoundCloud, and other music streaming services allow music artists and listeners to connect. We can now listen to music any time we want to with the help of technology. However, integration of blockchain and artificial intelligence now defines much of the music industry whether we are ready to face it or not. One phenomenon that has become common along with the streaming platforms is that of artists signing up if they want to monetize their music. As a result, the money that artists receive is either controlled by the labels or the streaming platforms, often taking longer to reach the artists’ accounts.
Benefits of Blockchain in Music Industry
Mainly, blockchain is initiating a token-based economy which allows the artists to control their intellectual property by turning it into a financial asset. The token which belongs to the artist will show the accurate value of the work and therefore, anyone that purchases the work will own a share. As more people listen to music, the revenue will be earned by the artist as well as the shareholder.
Furthermore, this enhances the music business as the artists will be able to earn the money upfront. They will not have to seek music labels for the monetization from a music label. This means that the artists can stream their music on Spotify or SoundCloud etc. as well as control the royalties they earn.
The third prospect we can aspect to change with blockchain is that of licenses and agreements between music publishers. The blockchain has the potential to make space for a system that can maintain the database of music copyrights. Moreover, anyone interested to access the information to learn about the copyright owner can look into the details easily. The music industry at the moment has a complicated system of recording agreements that control the artist’s royalties due to the lack of clarity in ownership.
Future of Blockchain in the Music Industry
It can be anticipated that the music industry will someday fully embrace blockchain and radically change the industry. At the moment, it seems far-fetched for blockchain to completely takeover. However, it takes a startup to turn into a million-dollar enterprise and we can already see examples like VOISE, Ujo and many others.
Another startup worth mentioning is the Viberate which started back in 2015 and has been growing ever since. It already has many famous artists that are recognized on the platform including Imogen Heap, Robbie Williams, The Chainsmokers, and several others. The Viberate team is leading blockchain in the music industry by the example of providing music solutions.
However, this change is not only beneficial to the artists or shareholders because according to A-Rayz, “Tokenization allows fans to be active participants in an artist’s creative work and share in the success of a project.” This statement implies that the listeners will readily have to adapt their preferences for musical platforms and switch along with their favorite music artists if they wish to hear their music and promote their work.