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Strategic Plan for Professional Services Exports in Barbados

This 2006 plan examines market sectors like film production, music, and events staging for growth and export opportunities in Barbados, focusing on international trends, local capabilities, target markets, market positioning, and marketing activities. The plan suggests strategies to increase brand awareness, direct marketing efforts, and improve the enabling environment for the entertainment industry.

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Strategic Plan for Professional Services Exports in Barbados

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  1. Strategic Plan for the Promotion of Professional Services Exports in Barbados – Production Services for the Entertainment Industry Sunil Sinha Technical Director Emerging Market Economics December 2006

  2. Overview Market can be divided into: • Film Production: Worldwide expenditure grew by 30% from 2001 to 2005, hitting US$7.3 billion • Music: Global market worth nearly US$103 billion, physical recordings largest segment at US$31.4 billion • Events Staging: Live music performances part of music figure, worth US$14.4 billion

  3. Market Sectors Film Production • Covers filming and production and post-production; latter includes adding animation, computer graphics and special effects Music • Production-related services include physical recordings, live performances, music publishing, ring tone revenues, digital recordings Events Staging • Music concerts (particularly those featuring Bajan music), cultural shows involving theatre, dance and music, performed domestically and abroad

  4. International Trends Film Production • Production outside US exhibiting sharp growth (135% from 2001-2005), worth US$3.8 billion compared with US$3.38 billion in America • Canada has absorbed much of US market because of attractive filming locations, skilled labour, lower costs and attractive incentives • Overseas production location can result in savings of 10-15% Music • Producing music requires quality studios but is primarily influenced by reputation of individual producers • Digital music small but growing Events Staging • Growth in live music performances driven by large festivals in Europe and North America

  5. Local Capability • Domestic market for shows, music, scale of Cropover means high quality services exist • In addition to artist management, have ability to produce music and videos; some quality studios • Ability to independently produce and sell music, ring tones • Nature of industry means that individual firms lack cohesiveness • Lack of marketing expertise/resources within firms

  6. Target Markets Film Production • US market is largest opportunity, but competition from large scale investments in low-cost destinations is high Music • Artists within region, soca/calypso extra regional artists, music and video production Events Staging • Cultural tourism from US/UK, 15% annual growth; baby boomers

  7. Market Positioning • Profile for Bajan music rising due to success of Rihanna, Rupee • Ability to produce unique Bajan sound and to present creatively for mainstream markets • Existing cultural shows, music styles, consumers due to Cropover; could lead to production opportunities • Main competitor is Jamaica with US$40 million exports • Unable to compete against high tech film studios/cities

  8. Marketing Activities – Brand Awareness Objective: Increase awareness of services among potential customers, brand and promote Barbados as centre for entertainment • Advertisements: For events/shows need to be continually placed in-flight, airport, hotels • Tourism Website: Should highlight specific production facilities/services on offer, brand Barbados as a centre for creative production services • Foreign Advertising: Limited, directed at potential clients for music production; need to increase exposure of local producers through media coverage

  9. Marketing Activities – Direct Marketing Objective: Increase consumption of entertainment and related production services • Fam. Trips: For US producers • Marketing Trips Abroad: Identifying target customers and undertaking missions abroad

  10. Marketing Activities – Enabling Environment Objective: Addresslocal factors constraining growth • Business Support: Providers need assistance with marketing and improving business models • Incentives: Access to finance an identified constraint, need to specific incentives for entertainment providers to facilitate marketing • Local Partnerships: Need to forged partnerships between different service providers to improve and expand the product offering, could also be used to more effectively lobby government • Skills: Improve availability of training in new techniques/applications, industry to lead

  11. Thank you

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