An article in today's Variety cites a PwC study that shows a slowing in revenue growth potential for the entertainment and media sectors. I'm not going to quibble with accountants about numbers - I know better, and I don't think they are necessarily wrong.
However, every industry faces cycles of expansion and contraction. These are not purely economic events, but mostly driven by technology and innovation (including the cultural impact of technology) - especially in today's environment. So, I view this not as a reason to hunker down, but more as a call to action.
As Spencer Johnson taught us in his landmark business fable, Who Moved My Cheese, change is happening every day. We can resist it, embrace it or drive it. It makes the most sense to be a source of positive change rather than to try to hang on to the last vestiges of a dying reality.
Every industry and profession faces the challenge of delivering something that customers will value. As consumers, we gather resources we can use to enhance our lives in some way that gratifies and fulfills us. Entertainment professionals are (presumably) skilled at delivering messages in ways that amuse and touch and impact people. So, if we apply that skill set in ways that enhance the lives of our customers, they will expend their resources to participate.
This doesn't mean we just need to make better movies (although that is always a goal). It means we need to look for better ways to apply our skills and talents in the context of the lives that our customers choose to live. That's positive innovation. We can do that.