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Lack of finance causing entertainment industry to collapse?
Hearsay has it that due to Internet downloads, CD sales and film revenues are plummeting, and that the entertainment industry is collapsing, and that we may soon all be forced to watch nothing but drab re-runs, listen to 'classic' re-issues, and feast on the occasional mediocre new music or film. But according to consultancy Creativo, which recently surveyed more than 500 entertainment businesses about the problems they face, industry insiders now admit it's not because of Internet downloads.
More than 95% identified the lack of funding and support as their main problem. Sarah Maitland, Creativo research director, clarifies, "Interestingly, there has been a lot of publicity over the last five years claiming Internet downloads have caused the entertainment industry's current problems, but we've found most companies admit Internet downloads are an opportunity not a problem, and the real problem is the lack of financing for creative projects.
"Most people never think about it, but every new film, album or video game released, no matter how cool or how exciting it is, needs to be financed somehow. If finance is not available - and it isn't now - there won't be any more cool films, albums, or games, it's as simple as that."
Newly launched website www.MediaMoghul.com hopes to change all that by providing a new method for filmmakers, record companies and other entertainment businesses to get backing, support and funding.
Explains MediaMoghul.com CTO Bill Gordon, "We've developed MediaMoghul.com as a result of our experience working in the entertainment industry, and the site aims to democratise the industry, and the way projects are selected and funded and supported.
"MM enables the creative process to happen in a transparent way, by allowing the public to decide to finance the creative projects they are interested in".
