Michael J. Wolf says that all businesses--even banks and supermarkets--will increasingly need to be entertaining to thrive. In The Entertainment Economy, Wolf, one of the media industry's top strategists, demonstrates how business is becoming synonymous with entertainment--a trend that is exploding because of the Internet. Although no substitute for quality, a company's "E-Factor" is critical in establishing brand and attracting fickle consumers, he writes. "We have come to expect that we will be entertained all the time," Wolf says. "Products and brands that deliver on this expectation are succeeding. Products that do not will disappear." Entertainment is becoming a big part of some industries you might not think of in this regard. For example, CNBC, a business-news cable station, is a hit because it treats the stock market like entertainment, Wolf writes. Tommy Hilfiger, a clothing retailer, became a "cool brand" by promoting rock stars and other celebrities. No merchant can escape the impact of entertainment--especially on the Internet. An online business must grab people or it will perish. When businesses stake out a position on the Web, they can't just provide online ordering. They must also feature compelling "entertainment content" to win customers. The author, a consultant for Viacom, Newscorp, and other media giants, sprinkles his book with inside stories about Ted Turner, Barry Diller, and Steven Spielberg. This book is for business owners, advertising pros, and people interested in a different take on what's driving the economy.


Review
"Since I always read the end of a book first, I loved the conclusion of THE ENTERTAINMENT ECONOMY.... Imagination, Michael Wolf contends, is the most valuable asset of all. As proof, he takes you on a pop culture tour, uncovering the lessons of Michael Jordan, Madonna, Viagra, e-commerce and sports utility vehicles, and finally, the mystery of how you get to create the next cultural phenomenon. I laughed, I cried, I took notes."
        --Judy McGrath, President of MTV

"As advisor to many of the world's top media moguls, Michael Wolf has th eultimate insider's view of how entertainment is changing every aspect of our lives. In his engrossing book, THE ENTERTAINMENT ECONOMY, he offers insights on the new and traditional media and the decision-makers who will change our economy and culture."
        --Bob Pittman, President and Chief Operating Officer of America Online


From the Hardcover edition.


Review
"Since I always read the end of a book first, I loved the conclusion of THE ENTERTAINMENT ECONOMY.... Imagination, Michael Wolf contends, is the most valuable asset of all. As proof, he takes you on a pop culture tour, uncovering the lessons of Michael Jordan, Madonna, Viagra, e-commerce and sports utility vehicles, and finally, the mystery of how you get to create the next cultural phenomenon. I laughed, I cried, I took notes."
        --Judy McGrath, President of MTV

"As advisor to many of the world's top media moguls, Michael Wolf has th eultimate insider's view of how entertainment is changing every aspect of our lives. In his engrossing book, THE ENTERTAINMENT ECONOMY, he offers insights on the new and traditional media and the decision-makers who will change our economy and culture."
        --Bob Pittman, President and Chief Operating Officer of America Online


From the Hardcover edition.


Book Description
Every so often an author explains our culture in such a new and original way that from that day on we see the world around us in a new light. From Understanding Media by Marshall McLuhan through Nicholas Negroponte's Being Digital. the books that have shown us the clearest vision of the future have been those that recognize the central role of mass media.  

In The Entertainment Economy, Michael J. Wolf, the industry's most in-demand strategist, demonstrates that media and entertainment have moved beyond culture to become the driving wheel of the global economy.  From New York to New Delhi, from London to Lagos, from Singapore to Seattle, every business is locked in the same battle for consumer attention that movie producers and television programmers deal with on a daily basis.  Consumer businesses just like entertainment businesses have to turn to content for the competitive edge.  As adviser to companies like MTV, Paramount, Hearst, NBC, Universal, News Corporation, Bertelsmann and the NBA, Wolf is known by industry insiders as the moguls' secret weapon.  In clear, brash prose, full of real-life examples, Wolf shows how tomorrow's successful business person will have to act like a mogul in a global economy defined by hits and blockbusters.  

From MTV to Ford Motor Company, from Tommy Hilfiger to Martha Stewart, from Citibank to Amazon.com, from Stephen Spielberg to Richard Branson, Wolf shares the insights gained through his unique perspective as the founder of the world's largest media consulting practice, leaving no doubt that the watchwords for all consumer businesses in the 21st century are truly, "There's no business without show business."  Written with equal degrees of business and pop culture savvy, The Entertainment Economy is a book for everyone.


From the Hardcover edition.


Card catalog description
In The Entertainment Economy, Michael J. Wolf demonstrates that media and entertainment have moved beyond culture to become the driving wheel of the global economy. From New York to New Delhi, from London to Lagos, from Singapore to Seattle, every business is locked in the same battle for consumer attention that movie producers and television programmers deal with on a daily basis. Consumer businesses, just like entertainment businesses, have to turn to content for the competitive edge. Wolf shows how tomorrow's successful businessperson will have to act like a mogul in a global economy defined by hits and blockbusters.


From the Publisher

"Since I always read the end of a book first, I loved the conclusion of THE ENTERTAINMENT ECONOMY.... Imagination, Michael Wolf contends, is the most valuable asset of all. As proof, he takes you on a pop culture tour, uncovering the lessons of Michael Jordan, Madonna, Viagra, e-commerce and sports utility vehicles, and finally, the mystery of how you get to create the next cultural phenomenon. I laughed, I cried, I took notes."
        --Judy McGrath, President of MTV

"As advisor to many of the world's top media moguls, Michael Wolf has th eultimate insider's view of how entertainment is changing every aspect of our lives. In his engrossing book, THE ENTERTAINMENT ECONOMY, he offers insights on the new and traditional media and the decision-makers who will change our economy and culture."
        --Bob Pittman, President and Chief Operating Officer of America Online


From the Inside Flap
Every so often an author explains our culture in such a new and original way that from that day on we see the world around us in a new light. From Understanding Media by Marshall McLuhan through Nicholas Negroponte's Being Digital. the books that have shown us the clearest vision of the future have been those that recognize the central role of mass media.  

In The Entertainment Economy, Michael J. Wolf, the industry's most in-demand strategist, demonstrates that media and entertainment have moved beyond culture to become the driving wheel of the global economy.  From New York to New Delhi, from London to Lagos, from Singapore to Seattle, every business is locked in the same battle for consumer attention that movie producers and television programmers deal with on a daily basis.  Consumer businesses just like entertainment businesses have to turn to content for the competitive edge.  As adviser to companies like MTV, Paramount, Hearst, NBC, Universal, News Corporation, Bertelsmann and the NBA, Wolf is known by industry insiders as the moguls' secret weapon.  In clear, brash prose, full of real-life examples, Wolf shows how tomorrow's successful business person will have to act like a mogul in a global economy defined by hits and blockbusters.  

From MTV to Ford Motor Company, from Tommy Hilfiger to Martha Stewart, from Citibank to Amazon.com, from Stephen Spielberg to Richard Branson, Wolf shares the insights gained through his unique perspective as the founder of the world's largest media consulting practice, leaving no doubt that the watchwords for all consumer businesses in the 21st century are truly, "There's no business without show business."  Written with equal degrees of business and pop culture savvy, The Entertainment Economy is a book for everyone.


From the Hardcover edition.


From the Back Cover
"Since I always read the end of a book first, I loved the conclusion of THE ENTERTAINMENT ECONOMY.... Imagination, Michael Wolf contends, is the most valuable asset of all. As proof, he takes you on a pop culture tour, uncovering the lessons of Michael Jordan, Madonna, Viagra, e-commerce and sports utility vehicles, and finally, the mystery of how you get to create the next cultural phenomenon. I laughed, I cried, I took notes."
        --Judy McGrath, President of MTV

"As advisor to many of the world's top media moguls, Michael Wolf has th eultimate insider's view of how entertainment is changing every aspect of our lives. In his engrossing book, THE ENTERTAINMENT ECONOMY, he offers insights on the new and traditional media and the decision-makers who will change our economy and culture."
        --Bob Pittman, President and Chief Operating Officer of America Online


From the Hardcover edition.


About the Author
Michael J. Wolf is the leading consultant to the world's top media and entertainment companies.  He is the founder and Senior Partner of the Media and Entertainment Group at Booz-Allen & Hamilton, the largest and most influential consulting practice for these industries.  His team of more than 200 consultants are based in New York, Los Angeles, London, Paris, Tokyo, Munich, Shanghai and Sao Paolo.  A graduate of Columbia University, Mr. Wolf lives in New York City.


From the Hardcover edition.

FROM THE PUBLISHER

An Interview with Michael J. Wolf, author of The Entertainment Economy As founder of the Media and Entertainment Group at Booz-Allen & Hamilton, Michael J. Wolf has consulted with every major entertainment entity from CNN to the NFL to Polygram Records. But it has been the recent increase in a number of nonentertainment clients, all seeking some showbiz savvy, that inspired Wolf to write The Entertainment Economy . He recently took some time to talk to Business Editor Amy Lambo about why every business needs to strive for the same razzle-dazzle as a Broadway musical or Hollywood blockbuster.

barnesandnoble.com: One of the most fascinating declarations that you make in The Entertainment Economy is that "celebrity is the only universal currency." It reminded me a lot of the Hollywood Stock Exchange web site, where browsers can pretend to trade celebrities in the same way that you day-trade stocks. Explain what this celebrity-as-currency trend means.

Michael J. Wolf: If you combine Hollywood Stock Exchange with the fact that there are celebrities who have securitized themselves -- we have David Bowie with Bowie Bonds, and there have always been rumors that Leonardo DiCaprio would like to find a way to get cash out of his future value -- I don't see it as very far off when we are actually trading on the value of stars. Ultimately, in a world where there are so many different options, what makes businesses break out through the clutter is celebrity -- either actual celebrities or celebrity brands. For example, that's why spent so much on advertising its chips. [Executives at Intel] recognized that otherwise their chip was just a component. I don't know the name of who makes the carburetor in my car, but I do know that my new computer has an Intel Pentium II processor. This gives you a sense that in today's age, what's important is celebrity, whether it's Mel Gibson, Julia Roberts, or the Intel Pentium chip.

bn: You also quote comedian Chris Rock, who quipped, "It used to be that music was here today, gone tomorrow. Now it's here today, gone today." How can businesses stay on top of the lightning speed of the trendsetters -- the ahead-of-the-curve young people whom you call "Alpha consumers"?

MJW: The first thing businesses need to do is recognize that there's nothing permanent any longer. Brands aren't permanent, and celebrities certainly aren't permanent. Things are going to be "cool" and then they're not going to be cool. So businesses have to work on a short cycle because of the influence of entertainment in our society. A company like the Gap...every six weeks it introduces a new clothing line with the same fanfare as a new movie. So if you understand that cycle, you're going to create the capabilities to meet it. While the people who manage MTV are in their 40s now, they have people who are just barely out of their teens who are helping make the decision of what gets shown. Similarly, [your company] has to have people who are in the target "demo" and place a greater premium on the creativity of the people you hire.

bn: A recent "Saturday Night Live" sketch parodied teeny-bopper magazines by showing these magazines with pinup posters of Jack Welch and other famous businessmen rather than your typical preteen heartthrobs, like Hanson or the Backstreet Boys. Based on The Entertainment Economy , where business moguls are as much celebrities as rock stars, is there some truth to that parody?

MJW: Yes. In a world where celebrity is the most universal currency, we have business leaders becoming stars. Jack Welch has delivered an incredible business performance, but he's also a star, and so is Bill Gates and so are Larry Ellison and Michael Eisner. They've taken on a certain mythic persona that's much larger. That persona exists because, ultimately, in a world where the stock market operates on the principles of celebrity, the stock market wants to know who they're betting on, and they're excited about betting on these executive stars.

bn: You also mention in the book that throwing a lot of cash into an advertising campaign no longer guarantees that you'll penetrate your target market. Why is that the case, and what approach do you recommend that marketers and businesspeople take?

MJW: Consumers are no longer passive recipients of advertising. They want to be engaged. TV will still be one of the most powerful media in terms of delivering that message, but media will be more powerful in delivering a story and engaging somebody rather than giving them a hard pitch. This generation wants a promise, not a pitch. So advertising has to be extremely clever and extremely creative. The current Volkswagen ads are the ones I like the best -- there's a couple driving in a car, and they go through a whole bunch of things happening to them, and that's it. That's the ad. It's about the neat things that can happen to you in your Volkswagen rather than radial tires or power steering.

SYNOPSIS

Bart Simpson, Jerry Seinfeld, and other entertainment phenomena can teach you a lesson or two about business, argues Wolf, a renowned consultant to many Hollywood heavy hitters. He argues that all businesses must operate like the mega-media giants by aggressively going after the attention of the consumer masses.

FROM THE CRITICS

Mary Elizabeth Williams

Shakespeare was wrong. All the world isn't a stage -- it's a theme park. The Mall of America is one of the most visited attractions in the United States. Five percent of all photographs taken in this country are shot in a Disney park. As boomers cruise into their leisure years and Nintendo-weaned Generation Y-ers gain more control of their own purse strings, the commodification of recreation is just going to keep ramping up. As envisioned by media and business consultant Michael J. Wolf (no relation to the Michael Wolff of Burn Rate), the "entertainment economy" has become the new global exchange. Forget the euro -- the currency of the 21st century is fun.

With the aid of a dizzying (if depressing) array of examples, Wolf, who's worked with such fad-friendly monoliths as Paramount and MTV, suggests that consumers are no longer asking, "What can you do for me?" but rather, "How can you amuse me?" Shopping has gone from simple transaction to legitimate leisure activity. Even flying is no longer about moving from point A to point B -- it's now about getting a massage, channel surfing through a full menu of movies and cartoons, maybe even hitting some high-flying slot machines along the way. And that imperative -- to bring playtime into as many arenas as possible -- is rippling out all over and changing the way business is done.

The Entertainment Economy points to the phenomenal rise in merchandising tie-ins (McDonald's, thanks to Happy Meals, has become the world's largest distributor of toys), the insidiousness of real-world product placement (getting a star to be seen driving the car your company makes can sell more autos than taking out an ad) and the way everything from sneakers to computer parts is now marketed with breathless, Hollywood-premiere-level hype. Even if you don't know exactly what a Pentium chip does, you know who makes it, because it's got its own disco theme music. Citibank asks, "Who says a bank can't rock 'n' roll?" as if guitar smashing and financial institutions were a desirable match.

Wolf explains changing trends with all the dispassion of a seasoned businessman, going so far as to point coolly to the narcotics industry as "a prime example of successful product distribution without the benefit of conventional advertising." He's neither an old-school doomsayer, outraged at our culture's distraction by shiny objects, nor a Wired-style drum beater for the new world order. He's a trend spotter, not a sage, and he seems comfortable in his role. The book's main stumbling block is that he's not exactly a writer, either. His penchant for biz-speak jargon -- the public are "eyeballs" or "alpha consumers," a product's fun value can be measured in its "E-factor" -- quickly becomes as grating as a weekend synergy retreat with the suits from marketing. Nonetheless, his message, delivered with the ominous flatness of a corporate memo, bears serious consideration.

As consumer spending rises and the personal-savings rate plummets, we are increasingly investing our money and time in the pursuit of diversion. We're choosing to become eyeballs instead of individuals, willing to spend our last few cents on the perfect pair of Men in Black Ray-Bans. Michael Wolf and his clients know this, and they're there at the checkout stand, waiting for us. -- Salon

WHAT PEOPLE ARE SAYING

Since I always read the end of a book first, I loved the conclusion of The Entertainment Economy.... Imagination, Michael Wolf contends, is the most valuable asset of all. As proof, he takes you on a pop culture tour, uncovering the lessons of Michael Jordan, Madonna, Viagra, e-commerce and sports utility vehicles, and finally, the mystery of how you get to create the next cultural phenomenon. I laughed, I cried, I took notes. -- (Judy McGrath, President of MTV)  — Judy McGrath