If we look around us, we would find certain events or patterns in common with other
people. For example, everyone seems to want Y2K themed accessories and clothes, or
how about as soon as a new Marvel movie comes out, everyone wants the first ticket to
avoid the spoilers and every other person is in at least one K-POP or POP fandom.
To further illustrate the pattern, here’s another situation. After the release of “Avengers: Infinity War” in April 2018, all Marvel fans patiently waited for the next and the last movie of the Avengers series. In April 2019, the release of “Avengers: Endgame” took the world by a storm. Millions of fans from all over the world rushed to their nearest theatres to see the final movie of the series. It became the highest grossing superhero movie and made a huge box office collection of more than 2 billion US$ worldwide. The movie made historic achievements and took the Marvel franchise to new heights.
The types of media discussed above have easy accessibility and mass appeal and are what constitute as popular culture or pop culture as per general parlance or slang. The common pop-culture categories include products like entertainment including film, music, television, video games, dance, sports; news involving certain people and places; politics; fashion; technology; art; literature; cyber-culture; and radio which are consumed by a major portion of the population. In short, whatever is “trending” on Twitter or Instagram or any other social media platform is pop culture.
Economics and pop culture may be very closely related. When a product becomes
popular, people experience a pressing need for this product and want to propagate it.
Due to this phenomenon, an increased demand for new popular products enters the
market. For instance, if a new movie starring a very popular actor is going to release,
this brings more revenue for movie theatres as more people want to see that movie.
Mostly, popular culture involves dissemination of mass culture through media
platforms from producers to consumers. As popular culture is highly subject to
change, it repeatedly entices the consumers with new goods as per the necessities of
the consumer. Video-On-Demand Platforms do the same. Netflix provides
recommendations based on both most watched shows or what genre you like to watch or combining both these aspects. These services shift consumer preferences creating new kinds of avenues that the industry might not have tapped yet. Pop culture in simple terms leads to new investment opportunities.
Due to increased globalisation in today’s time, pop culture introduces new cultures,
leads to fusion of various global cultures and creates a new market for international
products, cross-country collaborations and greater income in involved countries. The
increasing popularity of Korean entertainment and products in recent times is a very
apt illustration of both globalisation and the impact of pop culture. With more people demanding Korean products, import-based businesses and other distributers of these products flourish and grow.
However, the economic impact may not always be a bed of roses. It is conditioned and shaped by a lot of factors. Rapid changes in popular opinion could make and break businesses unless they are able to protect themselves. Economy on the basis of pop culture, is difficult to model as well. The involvement of a great number of intangible factors which showcase a high degree of variation make it hard to quantify the impact of this social phenomenon on economic variables.
In conclusion, Pop culture primarily driven by social factors, trends and cultural norms. It thrives on this shared thrill and experience of being associated with trends. The Economics of this industry tells us that businesses do capitalize on this experience and this business angle will continue to cultivate consumer behavior and the nature of the entertainment we consume. In turn, Pop culture heavily impacts the economy and with greater media reach and connectivity on social media, the intensity of this impact has increased and will continue to increase.
References:
CUSIC, D., & FAULK, G. K. (2009). Popular Culture and the Economy. The Journal of Popular Culture, 42(3), 458–479. https://doi.org/10.1111/j.1540-5931.2009.00690.x
Delaney, T. (2007). Pop Culture: An Overview. Philosophy Now. https://philosophynow.org/issues/64/Pop_Culture_An_Overview
All Time Worldwide Box Office for Super Hero Movies. (2019). The Numbers. https://www.the-numbers.com/box-office-records/worldwide/all-movies/creative-types/super-hero
Opinion | “Avengers: Endgame” is more than just an epic blockbuster — it’s a historic achievement. (n.d.). NBC News. https://www.nbcnews.com/think/opinion/avengers-endgame-historic-marvel-achievement-blockbuster-deserves-hype-ncna999151
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