Are you up on all your celebrity news? The celebrity gossip industry is currently worth $3 billion, and it looks like that number isn’t going down any time soon. Keeping current celebrity news in the public eye isn’t the easiest job in the world, it turns out, and there’s a lot of competition in the arena. Here’s everything you need to know about the celebrity news industry.
Celebrity News Can Do Some Good
Among younger American adults (those under the age of 36), having a celebrity endorser for a charity or cause tends to increase donations and support. Nearly 30% of younger American claim they support causes because celebrities endorse, though only 10% of Americans of mature age do so. Celebrity gossip keeps famous people in the public eye, increasing the value of their endorsement to a charity or cause.
Celebrity News is an Economy Boost
In the same way that keeping eyes on celebrities helps when those celebrities endorse a charity, the same holds true when a celebrity signs on to endorse products. Harvard Business School found in 2011 that a celebrity endorsement could mean a $10 million upkick in revenue and a .25% increase in stock returns. That’s more money at work in the economy, in addition to the money generated by the entertainment news industry on its own! >h3> Black Celebrity News is the Fastest Growing Segment
The biggest name in black celebrity gossip is definitely Black Entertainment Television (BET) which airs in more than 90 million homes across the world. In 2010 it became the biggest provider of access to black American cultural and entertainment programming. In addition, the rap and hip=hop music segment is growing by leaps and bounds, led by Jay Z, whose 11th number one album put him on top, beating out Elvis Presley for most number one albums by a solo artist.
Black Celebrities are Killing it in Every Industry
The growth in black celebrity news is spurred in part by demographics (consider New York, with 3.7 million African American residents as of 2013; or that blacks now make up 15% of the population in the United States), and in part by the success of black celebrities themselves. Whether it’s Will Smith, one of the highest-paid actors in film; Jay Z and Beyonce and their music domination and collective $1 billion in wealth; Oprah and her 25-season show that earned her, personally, $30 million; or Tyra Banks leading the way in the modeling field with her GQ, Sport’s Illustrated, and Victoria Secret appearances, black celebrities are at the top of every entertainment field.
Celebrity news employs a lot of people and pumps quite a bit of cash into the American economy. It increases the brand of celebrities, allowing them in turn to promote businesses, charities, and causes to greater effect. Celebrity news isn’t going away any time soon, either. In fact, if the black celebrity gossip numbers are any indicator, we’re really just getting started.