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    Blockbusters: Hit-making, Risk-taking, and the Big Business of Entertainment
    Blockbusters: Hit-making, Risk-taking, and the Big Business of Entertainment
    Blockbusters: Hit-making, Risk-taking, and the Big Business of Entertainment
    Audiobook11 hours

    Blockbusters: Hit-making, Risk-taking, and the Big Business of Entertainment

    Written by Anita Elberse

    Narrated by Renee Raudman

    4/5

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    About this audiobook

    Why the future of popular culture will revolve around ever bigger bets on entertainment products, by one of Harvard Business School’s most celebrated professors

    What’s behind the phenomenal success of entertainment businesses such as Warner Bros., Marvel Entertainment, and the NFL—along with such stars as Jay-Z, Lady Gaga, and LeBron James? Which strategies give leaders in film, television, music, publishing, and sports an edge over their rivals?

    Anita Elberse, Harvard Business School’s expert on the entertainment industry, has done pioneering research on the worlds of media and sports for more than a decade. Now, in this groundbreaking audiobook, she explains a powerful truth about the fiercely competitive world of entertainment: building a business around blockbuster products—the movies, television shows, songs, and books that are hugely expensive to produce and market—is the surest path to long-term success. Along the way, she reveals why entertainment executives often spend outrageous amounts of money in search of the next blockbuster, why superstars are paid unimaginable sums, and how digital technologies are transforming the entertainment landscape.

    Full of inside stories emerging from Elberse’s unprecedented access to some of the world’s most successful entertainment brands, Blockbusters is destined to become required listening for anyone seeking to understand how the entertainment industry really works—and how to navigate today’s high-stakes business world at large.

    LanguageEnglish
    PublisherBrilliance Audio
    Release dateOct 15, 2013
    ISBN9781480523869
    Author

    Anita Elberse

    Anita Elberse, the Lincoln Filene Professor of Business Administration at the Harvard Business School, is one of the youngest female professors to be awarded tenure in the School’s history. Her work has been featured in The New York Times, The Wall Street Journal, Variety, and Fortune. She lives in Boston, Massachusetts.

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    Reviews for Blockbusters

    4/5

    42 ratings18 reviews

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    • 3/5
      Although a bit long, this comprehensive study of the blockbuster mindset in entertainment is fascinating. Seeing the numbers laid out and finding out that the big risk/big return strategy seems to work better than playing it safe is a sobering realization. This book is thorough in its detail and proof of the success of the blockbuster mentality and therefore shows why it won't be leaving us anytime soon. Even in the face of huge losses like "John Carter" the financials don't lie, blockbusters are a better chance to make thr big money that keeps large entertainment companies in business.
    • 3/5
      I listened to over 2 1/2 hours of this book and I learned absolutely nothing valuable. It's more like a history book than anything. Everything isn't really relevant in today's industry. I was really excited to listen to this. I'm glad I got it free in here and didn't buy it on Audible. This should have been free.
    • 4/5
      I wish it weren't true, but Anita Elberse makes a strong case. Entertainment businesses need their blockbusters, their superstars, to survive. What surprised me the most is that the math works in favor of the big risk taker.
    • 3/5
      "Blockbusters: Hit-making, Risk-taking, and the Big Business of Entertainment" covers a fascinating aspect of our culture, but I don't know if I needed to go through a whole book about it. A great read for those in that business or really interested in it.
    • 4/5
      Blockbusters is a book about the business of entertainment: about risk and reward and the bottom line. It argues that investing vast sums of money in blockbusters and superstar performers is, contrary to intuition, a rational and profitable business strategy. Christine Elberse presents the argument crisply, and illustrates it with case studies that draw in an astonishing range of performers: LeBron James, Lady Gaga, Tina Fey, Maria Sharapova, David Beckham, Maroon Five, Tom Cruise, and Dewey, the Library Cat among them. I picked up this book because I’m part of one of the industries it covers (publishing) and write about two more of them (movies and television). Her business-driven analysis actually worked best for me, however, in the case studies that I knew the least well. Applied to, say, the nuances of running an elite-level European football club, her approach felt like an entertainment-industry version of The Tipping Point or the essays in Freakonomics: an intriguing, counterintuitive analysis of a complex system. Applied to areas to areas where I have a professional and emotional connection, however, it was more frustrating than enlightening. Elberse’s analysis treats entertainment-industry properties—books, films, musical acts, actors, athletes—as commodities, distinguished from one another by the money it takes to acquire them and they money they bring in. What’s missing is any sense of the nuances that distinguish one piece of entertainment (or one performer) from another: Tom Cruise’s amiable cockiness or Tina Fey’s quicksilver wit, the alien beauty of the computer-animated planet in Avatar or the comforting familiarity of the storyline in Star Wars. She is interested in the fact that John Carter tanked at the box office, but not (for the purposes of the book, at least) in the production and promotion-related details that caused it to tank. It is precisely those nuances and details, however, that people who care deeply about entertainment – fans and creators alike – live and breathe. Being one of those people, I missed that stuff. I felt, by the time I put the book down, like I was reading an analysis of whether or not I should marry my sweetheart that approached the problem entirely in terms of the tax code: full of insight, but devoid of soul. Blockbusters is well worth the time of anybody seriously interested in the entertainment business, but it will appeal most to those who read the phrase with the emphasis firmly on “business.”
    • 5/5
      I am always intrigued by books that focus on highly successful individuals and how they achieve that success. This book melds our society's fascination with celebrity culture and manages to make it a more scholarly than tabloid approach.
    • 5/5
      Great book. I am an MBA student an this book was very interesting and gave me some interesting talking points as well as some good general information.The good:Well researched.Had public knowledge as well as some behind the scenes stories, and blended them well together.The book had interesting points for non business/entertainment people.You could say it was a little long, but it was a fast read once you got past page 100 or so.The bad:A few points reached a bit to make conclusions, but I am guessing there were a few cases were not all backup evidence could be presented in the book for editing reasons.A few things were incorrect, IBM sold its pc business to Lenovo, etc - minor points but they can raise a little skepticism on the conclusions.Overall, this was the most enjoyable business book I have read this year.I think some of the betting on blockbuster strategies can be usable on a personal and departmental/team basis to enhance perception, etc.I may try some strategies for 2014 work goals.
    • 3/5
      Although a bit long, this comprehensive study of the blockbuster mindset in entertainment is fascinating. Seeing the numbers laid out and finding out that the big risk/big return strategy seems to work better than playing it safe is a sobering realization. This book is thorough in its detail and proof of the success of the blockbuster mentality and therefore shows why it won't be leaving us anytime soon. Even in the face of huge losses like "John Carter" the financials don't lie, blockbusters are a better chance to make thr big money that keeps large entertainment companies in business.
    • 4/5
      The book is a fascinating look at the entertainment business and modern entertainment brand strategy. This year I have spent more time analyzing market behavior than ever before. I can’t help but wonder how sustainable this model will be. Now I find myself cheering for the underdog and hoping for disruptors. I appreciated the fact that it used examples to include sports, music, movie and literature hits. Clearly, once you are a mega star your brand starts to propel itself. Just this morning, I read that Lady Gaga was at the opening of the new H & M store in NY to promote her new album. No doubt, as mentioned in the book, with brand capitalization it is a fine line between selling without selling out. The book is well researched, well written and logically laid out. I recommend it for anyone interested in either marketing or entertainment business strategy.
    • 4/5
      I was surprised by how much I enjoyed this book. While initially I thought the subject matter would be dry and dense, Elberse's writing made the subject matter engaging and interesting.Elberse used examples ranging from Major League Baseball, Apple, nightclub promotors, YouTube and the Metropolitan Opera to show that "principles and practices of show business can be found in all aspects of our society (p. 261) and the business world can learn from the enterntainment industry."
    • 4/5
      Free LibraryThing Early Review copy. Elberse argues that despite the risks, investing in huge blockbusters is the most profitable strategy for big companies, whether in movies, music, books, or even sports, and explores the investment strategies they use to fund their big gambles and try to ensure their payoff. I would have been more interested in an examination of the larger ecosystem into which megahits fit; I couldn’t help thinking that she’s describing a strategy that works until it doesn’t, like other bubbles.
    • 5/5
      Even if you are not a business person this is worthwhile reading. Elberse is able to clearly present a well researched and reasoned explanation of a marketing strategy that is wide ranging and successful. I would recommend it to anyone working in the entertainment industry at all levels.
    • 3/5
      I received this book through the Early Reviewers program. Having read a lot of business books in my time, I was pleased that this one was written well and entertaining! The premise of the book put forth by the author (a professor at Harvard Business School) is that of the "blockbuster" strategy used by most entertainment cmopanies in marketing their content. Why might a movie studio put most of their money behind three key movies rather than equally among the movies the studio is releasing? Because, according to Elberse, this strategy works!As a researcher, I'm always looking for the data, and it's clear that the author did her research (10+ years of it) and she lays out the facts without being didactic.A good business read, and I can imagine if you're in big media (which I'm not) this book would be of even more interest to you. For me, it's a solid 3 stars.
    • 5/5
      Anita Elberse, the Lincoln Filene Professor of Business Administration at Harvard Business School, has spent the last decade researching, teaching, and writing about the entertainment industry. Her class – Strategic Marketing in Creative Industries – is popular among the MBA students. Her cases and articles on celebrities, sports starts, and successful sports coaches and team managers are read in classrooms, boardrooms, and living rooms of fans and executives alike. And she has now written her first book – Blockbusters: Hit-Making, Risk-taking, and the Big Business of Entertainment – leveraging her work and knowledge about how the entertainment industry creates big hits. Blockbusters reveals a starting fact: “Rather than spreading resources evenly across product lines […] betting heavily on likely blockbusters and spending considerably less on the ‘also rans’ is the surest way to lasting success in show business” (p.4). Consumers are increasingly seeing this in the marketplace, even if they don’t realize it. TV channels that spend big on just two or three shows each season, and movie studios that market a few movies heavily and the others much less so, are just two of the clearest examples on this phenomena playing out.How and why this works is explained through a series of case studies about A-list celebrities, top athletes, and websites most people visit every day: Warner Brothers and Marvel, Lady Gaga and Real Madrid, Tom Cruise and LeBron James, YouTube and Hulu, MLB and NFL, and Jay-Z. Many readers might pick up the book because of the people discussed in it, but they will keep reading because of Elberse’s clear explanations, lucid writing, and lack of jargon. There’s no doubt significant research and analysis went into understanding the Blockbuster phenomenon, but she is smart enough to know what to explain, what to mention, and what to leave out.Elberse, with master’s degrees in Communication from the Annenberg School for Communication at the University of Southern California and Communication Science from the University of Amsterdam, and a PhD from London Business School, mentions at the end of the book that she received guidance at multiple times early in her career that she should focus on a “safer” topic than the entertainment industry. She ignored the advice, and bet big on entertainment industry. Anyone who works in the industry and picks up a copy of Blockbusters will be glad she did.
    • 4/5
      The author consolidates and synthesizes 10 years of research to dissect and evaluate the "blockbuster" strategy that most entertainment companies use in marketing their products. She uses examples from book publishing, the film and music industries, and professional sports. If you work in one of these fields, I highly recommend this book. The author provides data supporting the blockbuster strategy and explains why the "long tail" theory of purchasing behavior doesn't work as well as originally hypothesized. The short summary is that the Entertainment industry is built on blockbusters and no company can survive in these industries without them.
    • 4/5
      As someone interested in media, but not necessarily business, this was an interesting read. It breaks down the different media types and explains the business aspects behind them. Examples of television shows, athletes and more make it easy to understand without having to put too much into it. I also think that the author did a good job of making this book friendly for people outside of the bubble of expertise on the subject that other authors don't often worry about. Worth a read if you want to know anything about some of the prevalent forms of entertainment and the money-making (and losing) behind them.
    • 5/5
      This is a really great book if you are interested in the business of Hollywood. This book contains well researched and well written descriptions about the behind the scenes decisions that were made for some of Hollywood's recent big winners and losers.This book is dense with information and length, but the writing style makes the stories entertaining and easy to read. Despite the volume of information, this book i is definitely a page turner and I recommend it highly.
    • 4/5
      I am generally leery of books where the author posits a provocative wide-ranging thesis. Its probably largely Malcolm Gladwell's fault. So naturally I approached Anita Elberse's Blockbusters with some trepidation. She makes the claim that focusing on high-stakes major campaigns is essential to succeeding in today's entertainment industry and she employs a plethora of examples and research from movies, sports, books, music, and television to support her case. While it can be a bit dry at times, Blockbusters is a very informative and often fascinating examination of the current and future state of the entertainment industry and the increasing importance of tentpole products and campaigns.Elberse is a professor at the Harvard Business School who understandably brings a wealth of knowledge regarding the industry. She also has experience researching topics such as the economic effects of the unbundling of songs from albums on the music industry (bad for record labels). Elberse has built up quite an impressive list of contacts (she actually just co-wrote an article with Sir Alex Ferguson), which greatly enriches the book. Blockbusters is able to glean insights from major players such as Maria Sharapova's agent and Alan Horn, the former president of Warner Bros. Rather than speculating on the strategies behind campaigns, Elberse is able to pick the brains of decision makers.The book's main concept is an intriguing and seemingly counter-intuitive approach to entertainment. Essentially, the strategy of hedging bets with a diverse portfolio of products is not the path to profitability for entertainment entities. They should instead promote a few projects and bet big on their success. Elberse illustrates this point with a huge amount of well-argued statements backed up by data and examples, often with commentary from major players. Her book is wide in scope and ranges from Youtube to major opera houses and Argentinian soccer, yet she manages to explore all subjects in considerable depth. She is also refreshingly objective, acknowledging the drawbacks and inherent risks of the blockbuster strategy and why smaller-scale projects are still valuable (largely to facilitate the continued success of blockbusters). She explains the impact of blockbusters on producers and stars, and her chapters on endorsement deals are especially enlightening. I really enjoyed learning about the rationale behind athletic sponsorships for star athletes, such as when Elberse describes how Lebron James weighed three endorsement deals with different compensation models and King James' thought process behind his decision. And as would probably be expected by a new book, Blockbusters explores how recent technological innovations such as original content on Netflix and YouTube and speculates how they will impact the blockbuster model in the future. Despite the author's academic background, her book is largely readable and suitable for mainstream audiences. Her target audience seems to be the kinds of people who are at least slightly interested in following entertainment trends in places like the Wall Street Journal and Economist. Some basic business knowledge would be nice to get the most out of Blockbusters but there are no complicated formulas or anything and she explains everything in a clear fashion that a layman can understand. She is more concerned with communicating the conclusions resulting from her complicated statistical analyses rather than how she derived them. While the epilogue looks at ways to apply her blockbuster thesis to other fields, this is (mercifully) not the kind of book with workshops every chapter detailing how to apply these lessons to your job. The book is meant to inform and entertain, and it largely succeeds on both counts.At times Blockbusters reads like a case study, which is fine as far as imparting information goes but it doesn't always make for the most captivating reading material. Sometimes the book drags as she explains the nitty-gritty of particular financial details, but it is generally readable and many of the book's conclusions are fascinating. She is able to pack a ton of information and insight into the book and it improved my understanding of the entertainment business more than any other book. In SumAnyone interested in learning about the current state of the entertainment industry and how it is being affected by technological innovations will get a lot out of Blockbusters. Elberse is able to combine the expertise of an academic with the clarity and eloquence of a journalist. She definitely subscribes to a higher burden of proof than many other books based on supporting a major thesis but even if you remain unconvinced about the blockbuster strategy you can still derive quite a bit of enjoyment and knowledge out of the book. Blockbusters ultimately maintained my interest through most of its pages and is worth seeking out for those interested in the topic.7/10