Owning a business is all fun and games with an entertainment franchise! The entertainment and recreation industry is a diverse and exciting industry for any entrepreneur to enter. Hollywood North is a term that has been applied principally to the film industry in Canada, specifically to the areas of Toronto and Vancouver.
The level of Canadian production has increased since the ratification of the Canada–United States Free Trade Agreement in 1988.
1. Vancouver is 1,725 kilometres (1,072 mi) from Hollywood, a three-hour airplane flight or a 21-hour drive. It is also in the same time zone as Los Angeles. This relative proximity, coupled with government subsidies, is a major factor in the growth of Vancouver's production industry.
2. There are so many entertainment franchises to choose from. This broad category can include businesses such as: casinos, party stores, massage chairs, video game stores, child party venues, sports and fitness clubs, and many more leisure and recreational activities.
3. Technology plays a huge role in the entertainment franchise industry. In the past years, there has been an emergence of video game cafes, electronic gaming stores, and other high-tech entertainment businesses.
4. A trend for these types of franchises is mobile units that bring the party to the customer. Franchises such as mobile game trucks allow kids to have a birthday party wherever is convenient because the business brings the games right to them.
5. Canada’s entertainment and media sector has entered a dynamic new phase and according to PwC’s Global Entertainment & Media Outlook. Total revenue for the industry is projected to rise at a compound annual growth rate (CAGR) of 3.7% ( vs. 2.8% last year) over the next five years.
6. Entertainment franchises that focus on children have huge profit potentials. Parents what to see their kids active, happy, and sociable, and children's entertainment franchises allow for just that.
With more attention being placed on digital-first content and streaming content online, Canadian companies are transforming their products to adapt to online platforms to help retain and attract new audiences and customers.