BBC's Sherlock and the Economy
Economics Blog Post:
BBC’s Sherlock and the Economy
BBC has been quite popular throughout the world, and it only seems to increase its popularity because of its creation in outstanding TV shows. With many British TV shows, it has made its way to U.S. television and throughout many countries in the world. Sherlock is one of many TV shows made from BBC, and it has increased its popularity since its release to the public in 2010. This series is based on Sir Conan Doyle’s Sherlock Holmes novels, but it’s modernized to fit the current generation with the creativity and uniqueness to add. With only three seasons, and a fourth coming in January, the high demand for the show will only be getting higher.
Sherlock has gotten fantastic financial boosts for BBC, and it’s one of its biggest selling exports. These exports have helped demographically because it is licensed to 224 territories worldwide--which is higher than any other program in the UK. This also includes how international sales have increased by 9.6% because of this population difference in each country. The head of BBC drama expects the fourth season to better the third financially, which will help aid in the demand for the series as a product. BBC Worldwide has generated more profits each year, and had an 11% rise on the previous year--making the funding budget even higher than it was before. Because Sherlock is licensed to PBS in the U.S., it has helped in the process of higher budgets for the future shows, as well. “Sherlock has made a lot of money”, Stephenson stated, “In the US, the assumption is you have to make 12 or 24 episodes. Sherlock has made nine episodes over the course of three years, yet it’s been such a big hit. Ultimately, it comes down to amazing creativity--whatever its shape or size, creativity does drive commerciality.” Mainly, the vast creativity in this show has improved profits and caused higher demand than most TV shows.
With this creativity, the demand of the series has increased, causing the supply to decrease. The DVD of series three received the most pre-orders for a series yet to be broadcasted, and it has caused prices to increase for some time. But because of these big fans, it causes the Sherlock products to be inelastic. The quantity demanded for these few seasons--and its products--does not change much despite any price change made. “The amazing thing about Sherlock is that every time we’ve done it, sales and ratings have gone up,” Stephen added. “We sold to 224 countries last year, and I think that will continue to rise.” Because of the overall popularity of the show, it is estimated to be one of their top profits in the next year due to the coming of the fourth season. This consistent demand for the show has impacted how the directors and producers are affected positively in the entertainment business, and with more to come in the next season, the successes will only rise for BBC.
Works Cited
Barrett, Claer. "'Sherlock' a Big Winner for BBC's Finances." Financial Times. British
Broadcasting Corp, 26 Aug. 2014. Web. 18 Nov. 2016.
"BBC - BBC Worldwide Delivers a Strong Performance in Spite of Currency Challenges - Media Centre." BBC News. BBC. Web. 21 Dec. 2016.
Sweney, Mark, and Tara Conlan. "BBC Worldwide Reports Record Underlying Profits." The Guardian. Guardian News and Media, 12 July 2011. Web. 21 Dec. 2016.
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