Best Entertainment Business Ideas
The entertainment industry is a super lucrative investment venture.
As per the latest projections, the entertainment business is poised to show an annual growth rate of 8.54 percent, thus reaching a projected market volume of 40.74 billion USD by 2024.
It is also one of the most innovative business segments. There is no lack of new ideas for running an entertainment business.
The entertainment business is one of the most recession-proof businesses. During the corona time, many successful businesses flourished in the virtual space. They capitalized on whacky and out-of-the-box business ideas, giving people some great fun quotient in the comfort of their homes.
What is an Entertainment Business?
Broadly speaking, any business falling under the entertainment category is an entertainment business.
For example, the business of mass media comes under the entertainment industry. But the business of entertainment is not just limited to media or films. It encompasses a range of unique local businesses such as circuses, magic shows, trade shows, etc.
An entertainment business could be involved with directly providing entertainment to customers or be a part of a larger profitable setup.
For example, many people are employed on a film production set. They provide a wide range of services such as technical, logistics, catering, etc. Even though they are not directly entertaining the audience, they are still a part of the entertainment industry.
Choosing the right entertainment business ideas
Deciding that you want to start a business in the entertainment industry is the first step.
Next, you must figure out what kind of business you should start.
Selecting the right entertainment business ideas requires considerable research and a foolproof assessment of your strengths and weaknesses.
You must not launch a business in a hurry and resist the temptation of going for an idea only because it’s commercially viable.
These are the points you should keep in mind while choosing the right profitable business ideas in the entertainment niche:
- Do you have experience in the business you are choosing? – This is the most crucial point to consider. You must start a business in an area you are familiar with and have some working experience.
- Is it something you are passionate about? – To sustain your business long-term, you must be passionate about it. Think of your hobbies, and then plan an entrepreneurial venture around them.
- What kind of investment would it require? – Every business has a different investment threshold. Finalize your budget, and then go for the business ideas that fit that ceiling realistically.
- What kind of space and materials would be needed? – Logistics are crucial when planning a new venture. You might think that I’ll figure this out later, but that’s not the right approach. You must figure out in advance what all arrangements you will have to make for your new business.
- Would the business require frequent traveling? – You must figure out the requirements of a business in advance to ensure it goes with your priorities. A business that requires significant traveling around the year might or might not be your cup of tea.
- Would you want to go solo or work with others? There are many business ideas where you have the option of going solo. Then, there are others where you must work with a team. You must figure out your preference and start a venture accordingly.
- Is your idea profitable? – This is the million-dollar question. Before finalizing an idea for your business, you must do some research to find out if your idea has the potential to earn profit. No matter how brilliant your idea is, if it cannot generate revenue, you can’t sustain the business.
How to start an entertainment business
1. Select a niche – You must select the niche in which you want to start the business.
It could be films, music, choreography, food business ideas, family entertainment business, etc.
The first step is to select an area and then create a viable business idea around it.
2. Research your niche – You must thoroughly research your niche.
Whichever area of the entertainment industry you are launching your business in, you must have the basics at your fingertips.
For example, if your startup caters to the wedding market, you must know all about the latest popular event trends amongst your consumer base. The wedding market is very customer specific, so you must narrow your target customer base.
3. Zero down on profitable business ideas – Now that you’ve finalized the niche and done some research, it’s time to make a list of the best business ideas.
Think of ideas that can be implemented within a reasonable time frame and have the potential to generate decent revenue.
Make sure that the ideas are specific and not too broad or generic.
4. Create a business plan – Now that you’ve decided what business you want to do, you must create a business plan.
Your business plan should ideally spell out all the important details of your business – structure, organizational set-up, company goals, vision, marketing plan, budget, and blueprint for generating revenue, etc.
You could use a business plan template to make planning easy.
5. Networking – Networking is like the backbone of the entertainment industry business.
A successful business requires the cooperation of many stakeholders. Whatever the nature of your company, you are always dependent on other players.
Attend as many industry events as you can. Look for new ways to make your services more innovative and profitable. Learn from the expertise of the best in the industry.
6. Marketing Strategy – The next step is to create a marketing strategy for your startup.
Do thorough market research. Analyze what your competitors are offering and how your services score over theirs.
Remember that the marketing strategy must be innovative, cost-effective, relevant to your business idea, and realistic enough to be implemented in a reasonable time frame.
No matter how good your marketing strategy is, you wouldn’t achieve the desired objectives, if it’s unrealistic or confusing.
Top 25 Entertainment Business Ideas
The entertainment industry is massive and includes a whooping range of businesses including telecommunications, music, video games, events, art fairs & festivals, live concerts, etc.
The business of entertainment is not just about directly entertaining people. It involves managing artists and also includes innovative startups that create new kinds of interesting activities for people.
If you are looking for a business with a generous dosage of creativity, then this is the right field for you.
Here is a list of the top 20 business ideas in the entertainment business.
1. Photographer
This is one of the most lucrative businesses in the entertainment world.
If you are good with your skills and can click pictures that capture the soul of the place and the essence of the subject, then this is just the business for you.
As a professional photographer, you can specialize in portfolio shoots of models and actors. For this, you need to be a good portrait photographer and invest in a decent studio setup.
You could also specialize in events photography and make a living by capturing events and award shows.
Photography is a great family entertainment business as well as many photographers do exclusive family portraits and cover family events like festival celebrations, parties, weddings, etc.
The business of photography has great entrepreneurial potential. But you need to network and have the right contacts.
2. Makeup Artist
This is a sought-after business in the entertainment industry.
As a makeup artist, you can work directly on film sets, for events, and photo-shoots, etc. You can directly develop your celebrity clientele base and thus become their personal makeup artist.
As a makeup artist, you help clients look their best for weddings and other events. If you have the right skills, certifications, and contacts, then there will be no lack of work.
The entertainment industry has a plethora of opportunities for makeup artists. From fashion shows to theatre performances, and music and dance festivals, there is plenty of work available around the year.
3. Social Media Influencer
Becoming a social media influencer in the entertainment segment can be a great business option. And you don’t need any specific experience. If you are creative, enterprising, hard-working, presentable, and have a good camera presence, you can start right away.
The work opportunities are endless. You can become a lifestyle vlogger by covering the latest hotspots and happenings in town – cafes, bars, restaurants, music festivals, book events, art exhibitions, trade shows, conferences, etc.
You could become an Instagram influencer entertaining people with catchy and funny multimedia content. The online entertainment business is big these days, and social media is its most popular medium.
If traveling is your thing, you could become a travel vlogger or blogger, showcasing picturesque locations and venues for entertainment.
This is the kind of business that offers you many opportunities to exercise your creativity and talents.
4. Amusement Park
Starting an amusement park is a great business plan for those looking to generate long-term revenue.
Since it’s a large-scale business, you need to invest a significant amount of capital,l to begin with.
It’s a great business for passionate and fun-loving people who want to start a profitable venture.
The Amusement Park niche is the kind of business that allows you to think big. You must be creative with your approach and curate the park around fun themes that can pull in crowds. Once your concept gets popular, there is no stopping. Within no time, other people would be buying franchises of your business. Such is the power of brand creation in the amusement park business.
Before starting this business, be prepared to do your research well. Who is your target audience? What will be the USP of your amusement park? You must figure out all these aspects. There are numerous case studies of successful amusement park brands you can take a cue from.
5. Recording Studio
If you have a passion for sounds and music, this is the perfect business opportunity for you.
Recording studios are in great demand in the entertainment industry. Thus, it can be a super profitable business.
You can start a generic recording studio or set up a specialized music studio, depending on your needs and expertise. A general studio can also be used for recording voiceovers and dialogues, whereas a music studio specializes in recording songs and jingles.
It is not an easy business to start. You need some amount of industry knowledge and expertise. You also need to make some capital investment and follow a well-planned strategy in running your business.
6. Truck business ideas
Truck business ideas have great potential to earn solid revenue.
The game truck business is a new rage.
If you are passionate about gaming and want to work independently, this could be your unique startup.
As a game truck business owner, you’ll be typically booked for various events and parties. You’ll provide guests with multiple options for gaming systems. You need to have considerable knowledge and expertise on the popular games in the market along with the technical know-how of the system and games offered.
This is an adventurous business with erratic work hours and unpredictable schedules. So it is not meant for those who prefer predictability and regularity.
The game truck business requires some capital investment. You also need to register your business for taxes and get the necessary licenses and permits.
7. Food business ideas
This is one of the top business ideas in the entertainment world.
Food business ideas in the entertainment industry are endless.
You could start a catering company providing services for events, parties, weddings, shoots, etc. You could also run a food truck startup. The food truck is preferred to opening a restaurant since it’s a flexible business model and requires considerably low investment.
As a food truck business owner, you’ll be taking your truck to multiple public events and festivals.
A food business niche is a lucrative option for those who nurture a passion for food. However, you need to plan out things well and be good at the logistics part to run this kind of business.
8. Bowling alley
Starting a bowling alley is one of the most popular business ideas in the entertainment niche
Bowling is a fun activity enjoyed by people across all age groups. There is no minimum criterion to participate in this indoor sport. Employees, families, and competitive bowlers, all visit an alley.
This business can be incredibly profitable as such spaces typically attract large groups of customers. There can be many streams for revenue generation including shoe rentals, playtimes, food services, etc.
Starting an alley business needs a lot of meticulous planning. You need a large amount of space, to begin with, so you must choose the location carefully.
You must have some add-ons to attract customers and ensure they can relax and unwind alongside the bowling experience. Many new-age alleys come equipped with a commercial kitchen and bar setup. They also incorporate other fun games such as ping pong tables, pool tables, dart boards, etc.
With the right investment and technical know-how, such a business can generate huge returns.
9. Open a Karaoke bar
Starting a karaoke bar can be a fun business for people passionate about singing and music.
You got to create an intimate space where people get the right kind of atmosphere to exercise their vocal cords for good.
It can be an immensely profitable business idea since karaoke bars typically draw huge crowds.
You don’t need any specific skills to start this kind of business. But you must know the popular music scene so that you can offer your customers the right options for singing.
Your customers would typically sing along to their favorite hits.
10. Nightclub business
This is one of those adventurous business ideas that can be immensely exciting. You have to incur huge expenses in starting a nightclub, but the returns can be massive.
Once you get past the initial investment phase, the nightclub business can be very rewarding.
People across all age groups love socializing in such spaces. The holistic experience offered by a nightclub in form of great live music, dance floors, and theme-based parties adds to the fun quotient.
Starting such a business is not easy. You must do meticulous research on the existing nightclub scene and see what your place can offer by way of USP.
You must search for a good location, finalize the right size for your nightclub, and select a concept for your club.
The nightclub business is very competitive; running a generic place offering just food, drinks and music won’t get you many takers. You have to create hype around your business by offering something unique.
11. Video Game Arcade
Starting a video game arcade is one of the best service business ideas.
People from all age groups enjoy video games. Although online gaming is getting more popular, playing games in the social atmosphere of an arcade is a different experience altogether.
If you are passionate about video games and have some knowledge of popular videos, this is a great business for you.
Video game arcade is a flexible business model that allows you to scale up or down as per your budget. You could go for a traditional arcade that requires lesser space. Or, you could go for a larger space that offers customers the option of buying food and drinks.
In this business, the look of the place is very important. Your interiors must be trendy, warm, and welcoming. It’s best to place your arcade in a place that gets a lot of footfall, like a shopping mall.
12. Stand-Up Comedy
It’s a great business for all creative souls out there who love to make people laugh.
You could perform as a stand-up comedian yourself or begin a comedy club. You could initiate a startup that manages stand-up comedians.
Stand-up comedy is one of the fastest-growing entertainment genres. The best part is this is the kind of business you can easily do on the side. If you have a regular job, you could reserve evenings and weekends for stand-up comedy gigs.
As a comedian, you could land up gigs in bars, cafes, and restaurants. You could also get an opportunity to perform in various comedy shows and festivals. Opportunities to excel in this business are endless. But you need great content, cracking delivery, and the perfect comic timing.
13. Video editing services
It is one of the fastest-growing businesses in the entertainment sector.
With the phenomenal rise of social media, the demand for professional video editors has skyrocketed.
As a video editor, you cater to a wide variety of customers. Your clients will not be just professionals but people from all walks of life looking for help to edit their social media video content.
Your work would involve giving a polished and professional look to the YouTube videos of the clients. As your business grows, you could work for big production houses, modeling agencies, etc, on a contract basis.
There is no limit to the kind of money you can make in this business. But you need to constantly hone and upgrade your skills.
14. Billiard Room
The Billiard room entertainment business is popular in the entertainment niche.
Billiard is a much sought-after indoor sport by people from all age groups. After a hard day at work, people want to relax and unwind in the evenings. Billiard room business allows them to do that.
You need to do some research before starting this kind of business. The location is very important. You must survey the population and find out if billiard is popular in that location before buying a space out there.
You also have to do preliminary market research to find out if you have competitors and to assess the purchasing power of the local people to set a price for your services.
The billiard room business is ideal for entrepreneurs looking to build a long-term and reliable local business model.
15. Event planning
Event management is a thriving business in today’s time.
You could start an event planning company and organize many events including weddings, private parties, corporate events, musical concerts, etc.
Event planning and management is a very lucrative business. No matter what level of the ladder you are at, there is immense potential to earn a lot of money.
Event management is no mean feat. To plan an event well, you need stellar organizational skills, extraordinary planning acumen, and a host of venue and caterer contacts.
It’s a highly unpredictable and demanding business where you got to be on your feet all the time.
Event planning is ideal for resourceful entrepreneurs looking to make it big with hard work and dynamism.
16. Online Wedding Marketplace
There is no lack of exciting business ideas that can be pursued on the side. An online wedding marketplace is one of them.
The wedding business is an evergreen industry. It is one of those entertainment business ideas that would never fade out. Folks are always looking for suitable matches to get hitched.
An online wedding marketplace is a matchmaker website that allows single men and women from diverse backgrounds to get connected.
Depending on your customer base and your site algorithm, your business would offer many services including virtual meet-ups, personalized chat options, etc.
This sort of business requires a lot of preparation. To start an online wedding marketplace, you must follow the local rules and regulations.
You must thoroughly research all aspects including process, costs involved, legalities, etc before starting your business.
17. Dance Studio
Opening a dance studio is a fun business for those who love dancing and know a lot about various dance forms.
A dance studio is an innovative startup that gives you the chance to make a living out of your passion. But you need to plan things meticulously.
The most important step is to look for a suitable space with an intimate and cozy vibe. The location is crucial to the dance studio business. You must start your studio in an area easily accessible from all parts of the city.
You can start a generic dance school where you teach the basics of different dance styles. Or you could start a specialized one for specific dance styles like salsa, flamenco, etc.
18. Musical Band Management
An idea needs to be innovative and out-of-the-box to be saleable.
The business idea of musical band management fits the bill.
This is an important business in the music industry that involves managing different music bands. You could run this business in two ways. You could start your own band and perform at various events and venues. Or, you could start a company that manages multiple bands.
The musical band management business has immense potential for a good profit turnover. But, you must stay up-to-date with the latest music trends and be able to catch the pulse of the market.
19. Virtual Reality Experience
The virtual reality experience is an online business getting extremely popular these days.
The idea of being transported to exotic locations and being able to enjoy wonderful experiences from the comfort of your home is appealing to many.
VR business uses artificial intelligence and augmented reality to give unique experiences to customers.
The advantage of this type of business is that you don’t need to invest in a physical office space. But, it requires considerable investment in setting up the relevant technology infrastructure.
Offering VR experience is a fairly expansive business segment that involves many verticals like content creation, streaming services, VR café, data visualization, VR app development, 3D animation, VR equipment business, etc.
Whether you are directly offering virtual reality experience to consumers or running a business that deals with any other aspect of VR industry, this business has a lot of potential for long-term growth.
20. Pop-up Hotel
A pop-up hotel is a new business concept that’s gaining popularity worldwide.
It is one of the most innovative business ideas that has gained ground over the last decade.
A pop-up hotel literally means a hotel that pops up suddenly. Pop-up hotels are temporary accommodations for tourists that come up in popular areas overnight. These could be open office spaces or other properties leased out for a short time. A pop-up hotel can last for a few days up to a few weeks.
It’s an exciting business for those looking to earn some quick cash on the side.
Mobile pop-up hotels can be in great demand in popular tourist locations hosting international fairs and festivals.
This business takes advantage of the sudden increase in demand for accommodation and cashes on the gap between demand and supply.
You must thoroughly check the local rules and regulations before starting this business.
Bottom Line
An idea is the lifeline of the success of a business.
This might sound exaggerated but it’s true. In the entertainment industry, businesses are woven around unique experiences that can be offered to customers. Most of the time, the success of a business depends on the novelty of the idea.
Novelty is the starting point. An idea must be practical enough to offer a product or service in demand.
Generating new demand is all good, but you cannot sell something in the absence of a market. So an idea needs to have some potential in terms of saleability.
The business of entertainment is exciting and unpredictable. It’s also a business of constant change. New concepts are coming in every day. To be successful in this business segment, one needs to keep a tab on all the latest developments in this field.
You must be able to think on your feet and adapt your business to the changing times.
The corona period witnessed a surge of virtual events, conferences, and festivals. From dance and yoga classes to guitar lessons, everything was being offered online. This created new and exciting opportunities for this business segment.
Change is at the core of the entertainment business. As an entrepreneur, you must be flexible enough to let go of your assumptions and interpret market trends judiciously. You should also have the foresight to anticipate and predict future trends.
