Unit 2

Question 1

what is prestige?

Answer 1

widespread respect and admiration - based on perception of achievements or quality (FIFA World Cup, Olympics, Wimbledon, etc) (athletes viewed as celebrities)

Question 2

historical prestige in sports

Answer 2

long standing traditions - Wimbledon - oldest tennis tournament

Question 3

what contributed to prestige in sports

Answer 3

Iconic teams contribute to overall prestige - NY Yankees and Manchester United: long history of winning championships

Question 4

power in sports

Answer 4

sports have massive global followings, influencing fans on cultural level: fashion, politics, social movements (simone biles brings awareness to mental health)

Question 5

political clout in sports

Answer 5

Franchise owners who bring millions of dollars in business activities to cities often find themselves with political clout.

Question 6

profitability in sports

Answer 6

having multiple revenue streams such as ticket sales, merchandise, sponsorships, e sports, and endorsement

Question 7

prestige in entertainment

Answer 7

emmy awards, grammy awards, oscars - these awards elevate the status of films, tv shows, and artists

Question 8

historical prestige in entertainment

Answer 8

long standing history in creating timeless films and shows - become cultural touchstones

Question 9

prestige in events and venues (entertainment)

Answer 9

exclusive film premieres, red carpets, and renowned venues such as Madison Square Garden

Question 10

power in entertainment

Answer 10

entertainment also influences fashion, politics, and social movements

Question 11

what are media giants

Answer 11

major entertainment companies control vast amount of content across multiple platforms

Question 12

social media platforms

Answer 12

social engineering controlling what you see on your feed

Question 13

profitability in entertainment

Answer 13

box office + streaming, merchandising and licensing, touring and live events, content licensing, and advertising

Question 14

jobs created and industries impacted economically:

Answer 14

Parking, tourist dollars, accountant and lawyers food and merchandise, sanitation, infrastructure and construction jobs, internet/asio/tv/magazine/newspapers, taxes, hotels, small business, local restaurants

Question 15

What is GDP

Answer 15

gross domestic product: The total market value of all final goods and services produced within a country’s borders during a given period

Question 16

what is scarcity? explain

Answer 16

occurs when wants are greater than resources available - Professional sporting and entertainment events are only at certain locations at certain dates and timings : Scarcity forces people to make economic choices

Question 17

what is opportunity cost?

Answer 17

the sum of all that is lost from taking one course of action over another

Question 18

what is demand?

Answer 18

the quantity of a good or service that consumers are willing and able to buy at all possible prices during a period of time

Question 19

what is the law of demand

Answer 19

quantity demanded is related to the price

Question 20

what drives demand?

Answer 20

popularity, exclusivity, timing, and competition

Question 21

what does the demand curve look like

Answer 21

x axis is the quantity, y axis is the price

Question 22

what is supply - explain

Answer 22

the quantities that sellers will offer for sale at various price points

supply can be fixed such as stadium seats, which means price goes up due to scarcity

Question 23

what is the law of supply?

Answer 23

quantity is related to price - price goes up, quantity goes up; price goes down, quantity goes down

Question 24

what is the equilibrium point

Answer 24

quantity demanded = quantity supplied

Question 25

equilibrium quantity

Answer 25

amount of a good that is bought and sold in a market that is in equilibrium

Question 26

equilibrium price

Answer 26

price at which a good is bought and sold in a market that is in equilibrium

Question 27

relation between price, supply and demand

Answer 27

prices that consumers pay and sellers receive are determined by the interaction of demand and supply

Question 28

what external factors impacts price, supply and demand

Answer 28

emotional and cultural value, exclusivity and scarcity, fan loyalty, technological changes

Question 29

what are legal frameworks in entertainment

Answer 29

intellectual property, contract law, disputes over creative control

Question 30

what does it mean by owning your own publishing?

Answer 30

artists will retain control over how their songs are used and can decide who gets to license their music

Question 31

where does revenue come from in licensing and royalties

Answer 31

mechanical - streaming and/or album sales performance - radio/live performances sync licensing - use in TV, Movies, Ads

Question 32

what does publishing refer to

Answer 32

the composition of the song - the actual intellectual property of the song

Question 33

what are masters

Answer 33

the original sound recordings of a song or album

Question 34

what does owning masters mean

Answer 34

the rights to the recorded version of the song

Question 35

what does owning publishing mean

Answer 35

the rights to the underlying song - lyrics and melody, regardless of how its recorded

Question 36

what are ethical issues of not owning publishing and masters

Answer 36

exploitation of talent - unfair compensation for creators

Question 37

what did prince do about ethics in entertainment?

Answer 37

Prince stood up for master’s ownership and artist autonomy; calling out record labels who took most of the revenue even though Prince worked for it.

Question 38

what does owning your publishing and masters do

Answer 38

gives you control over it, credit for it, and an appropriate revenue; record labels making more than artists is unfair

Question 39

What is licensing?

Answer 39

A contract allowing a party to use and/or earn revenue from the property of someone else