Part I Introduction Chapter 1 Economic perspectives 1.1 Time concepts Leisure and work Recreation and entertainment Time Expansion of leisure time 1.2 Supply and demand factors Productivity Demand for leisure Expected utility comparisons Demographics and debts Barriers to entry 1.3 Primary principles Marginal matters Price discrimination Public good characteristics 1.4 Personal-consumption expenditure relationships 1.5 Industry structures and segments Structures Segments 1.6 Valuation variables Discounted cash flows Comparison methods Options 1.7 Concluding remarks Selected additional reading Part II Media-dependent entertainment Chapter 2 Movie macroeconomics 2.1 Flickering images 2.2 May the forces be with you Evolutionary elements Technology Capital Pecking orders Exhibition Production and distribution 2.3 Ups and downs Admission cycles Prices and elasticities Production starts and capital Releases and inventories Market-share factors Collateral factors Exchange-rate effects Trade effects Financial aggregates 2.4 Markets-primary and secondary 2.5 Assets Film libraries Technology Utilization rates Interest and inflation rates Collections and contracts Library transfers Real estate 2.6 Concluding remarks Selected additional reading Chapter 3 Making and marketing movies 3.1 Properties physical and mental 3.2 Financial foundations Common-stock offerings Combination deals Limited partnerships and tax shelters Bank loans 3.3 Production preliminaries The big picture Labor unions 3.4 Marketing matters Distributors and exhibitors Sequencing Distributor-exhibitor contracts Release strategies, bidding, and other related practices Exhibition industry characteristics Capacity and competition Rentals percentages Home video and merchandising Home video Merchandising Marketing costs 3.5 Profitability synopsis 3.6 Concluding remarks Selected additional reading Chapter 4 Financial accounting in movies and television 4.1 Dollars and sense Contract clout Orchestrating the numbers 4.2 Corporate overview Revenue-recognition factors Inventories Amortization of inventory Unamortized residuals Interest expense and other costs Calculation controversies Statement of Position 00-2 Merger and acquisition issues 4.3 Big-picture accounting Financial overview Participation deals Pick-ups Coproduction-distribution Talent participations and breakeven Producers'' participations and cross-collateralizations Home-video participations Distributor-exhibitor computations Distributor deals and expenses Studio overhead and other production costs Truth and consequences 4.4 Television-programming accounting Feature licensing Program production and distribution Development and financing processes Syndication agreements Costs of production Costs and problems of distribution Timing troubles 4.5 Weak links Exhibitors: the beginning and the end Distributor-producer problems 4.6 Concluding remarks Selected additional reading Chapter 5 Music 5.1 Feeling groovy 5.2 Size and structure Economic interplay The American scene The global scene Composing, publishing, and managing Royalty streams Performances Mechanical royalties Synchronization fees Copyright Guilds and unions Concerts and theaters 5.3 Making and marketing records Deal maker''s delight Production agreements Talent deals Production costs Marketing costs Distribution and pricing Distribution Pricing Internet effects 5.4 Financial accounting and valuation Artists'' perspective Company perspective Valuation aspects 5.5 Concluding remarks Selected additional reading Chapter 6 Broadcasting 6.1 Going on the air Technology and history Basic operations Regulation Organizational patterns and priorities Networks and affiliates Ratings and audiences Inventories IndePendent and public broadcasting stations 6.2 Economic characteristics Macroeconomic relationships Microeconomics considerations 6.3 Financial-performance characteristics Variable cost elements Financial-accounting practices 6.4 Valuing broadcast properties 6.5 Concluding remarks Selected additional reading Chapter 7 Cable 7.1 From faint signals Pay services evolve 7.2 Cable industry structure Operational aspects Franchising Revenue relationships 7.3 Financial characteristics Capital concerns Accounting conventions 7.4 Development directions Pay-per-view Cable''s competition MMDS/LMDS SMATV DBS/DTH STV Telephone companies 7.5 Valuing cable-system properties 7.6 Concluding remarks Selected additional reading Chapter 8 The Internet 8.1 Casting a wide net 8.2 Rules of the road Laws of the media Network features 8.3 Operational aspects Agent of change Revenue sources Advertising Fees 8.4 Accounting and valuation Accounting Valuation 8.5 Concluding remarks Selected additional reading Chapter 9 Publishing 9.1 Gutenberg''s gift First words Operating characteristics 9.2 Segment specifics Books Educational/professional Trade Periodicals Newspapers Magazines and other periodicals 9.3 Multimedia Developer/publisher issues Distribution issues 9.4 Accounting and valuation issues Accounting Valuation 9.5 Concluding remarks Selected additional reading Chapter 10 Toys and games 10.1 Not just for kids Financial flavors Building blocks 10.2 Chips ahoy! Slots and pins Pong: pre and apres 10.3 Structural statements Home video games Coin-op Profit dynamics 10.4 Concluding remarks Selected additional reading Part III Live entertainment Chapter 11 Gaming and wagering 11.1 From ancient history At first Gaming in America Preliminaries The Nevada experience Enter New Jersey Horse racing Lotteries Indian reservations, riverboats, and other wagering areas 11.2 Money talks Macroeconomic matters Funding functions Regulation Financial performance and valuation 11.3 Underlying profit principles and terminology Principles Terminology and performance standards 11.4 Casino management and accounting policies Marketing matters Cash and credit Procedural paradigms 11.5 Gambling and economics 11.6 Concluding remarks Selected additional reading Chapter 12 Sports 12.1 Spice is nice Early innings Media connections The wagering connection 12.2 Operating characteristics Revenue sources and divisions Labor issues 12.3 Tax accounting and valuation Tax issues Historical development Current treatments Asset valuation factors 12.4 Sports economics 12.5 Concluding remarks Selected additional reading Chapter 13 Performing arts and culture 13.1 Audiences and offerings Commercial theater On and off Broadway Circus Orchestras Opera Dance 13.2 Funding sources and the economic dilemma 13.3 The play''s the thing Production financing and participations Operational characteristics 13.4 Economist echoes Organizational features Elasticities Price discrimination Externalities 13.5 Concluding remarks Selected additional reading Chapter 14 Amusement/theme parks 14.1 Flower power Gardens and groves Modern times 14.2 Financial operating characteristics 14.3 Economic sensitivities 14.4 Valuing theme-park properties 14.5 Concluding remarks Selected additional reading Part IV Roundup Chapter 15 Epilog 15.1 Common elements 15.2 Guidelines for evaluating entertainment securities Cash flows and private market values Debt/equity ratios Price/earnings ratios Price/sales ratios Book value 15.3 Final remarks Appendix A: Sources of information Appendix B: Major games of chance Blackjack Craps Roulette Baccarat Slots Other casino games Poker Keno Big Six Wheel Bingo Pai Gow, Fan Tan, and Sic Bo Pan Trente-et-quarante Rouge et Noir Lotteries Tracks Sports book Appendix C: Supplementary data Glossary References Notes Index
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