2 Rising Risks in the Media and Entertainment Industry

2 Rising Risks in the Media and Entertainment Industry

The inherent risk in media and entertainment industry operations means adequate insurance coverage is vital to long-term success. Fortunately, many of these risks are easy to foresee, which helps businesses plan for them financially and functionally.

Stronger Competition

Nowadays, the only thing you need to start your solo business venture is a stable internet connection. Increased general access makes it easy for individual content creators and small businesses to gain attention and work directly with customers. Entertainment circuits must account for this rising competition and provide enough benefits to their services that users continue coming back, even amidst stiff competition.

More Widespread Cyber Attacks

With primary streaming services now reaching audiences worldwide, an outage could affect millions. Paid subscribers feel cheated when a server goes down and they find themselves unable to access what is, to many, vital entertainment. Cyber breaches can also lead to stolen customer data or personal business information. A significant album or film leak can prove detrimental to careful release plans and marketing preparation on the entertainer’s side.

Technology continues to grow at an incredible pace, but those in the entertainment industry must keep up with it to remain relevant and secure. Developing greater familiarity with potential risks and obtaining an insurance safety net are easy ways to ensure your business stays at the top of its game.