Entertaining the Recession

Entertaining the Recession
The current global recession has affected everyone from Wall Street to the Eiffel Tower. As unemployment rises, countless businesses are finding it more difficult to cope and survive in today's market. Among the many industries under financial stress are those that entertain and relax us. However, as President Barack Obama recently stated there are "glimmers of hope." To chase the dark clouds, certain industries are catering to our escapist fantasies, luring us with offerings that help to relieve the stress. Here's a look at some areas where our favorite pastimes have been affected and how consumers have taken advantage of the recession.

Entertaining the Recession

Dark Cloud: Las Vegas Tourism Down
Once considered a recession-proof vacation destination, Sin City has finally proven that its glitzy desert terrain is no match for the economic crisis. With thousands of vacant rooms to fill, various five-star hotels such as the Four Seasons are offering rooms for less than $300 a night. "The challenge for Vegas is how to keep the momentum going at a peak performance," said Gary Sain, president and chief executive of the Orlando/Orange County Convention and Visitors Bureau. "You've got so many rooms to fill, especially with more than 130,000 rooms and another 40,000 or so rooms coming."

Entertaining the Recession

Dark Cloud: Retail Chains Are Closing
After being in business for over 60 years, electronic retail giant Circuit City filed for Chapter 11 bankruptcy in November 2008. The unfortunate decision led to the Jan. 16 announcement that the store would be closing all of its locations on March 8, 2009.

Entertaining the Recession

Dark Cloud: Magazines Are Folding
Wall Street's sudden downfall has even affected magazines. With the print industry suffering and transitioning to a more cost-efficient digital format, many popular editorials such as Blender and King went under.

Entertaining the Recession

Dark Cloud: Book Publishing Divisions Are Shuttering
Similar to magazines, big-name publishing companies such as HarperCollins are closing down divisions and integrating their operations within other business in the general books group. "Given the continued uncertainty in the market and soft revenues for the company, we need to take further action to align our cost basis with expected revenues," HarperCollins CEO Brain Murray said in a statement. "Unfortunately, in some divisions, implementing these plans will result in a reduction in workforce."

Entertaining the Recession

Dark Cloud: Tough Times in Tinseltown
As if 2007 wasn't bad enough for Hollywood (Writers Guild of America strike), studio spending has also had a major affect on Tinseltown's movie production. Film studios such as Paramount Pictures are cutting back their releases from 25 movies a year to 20. Financial veteran Ben Waisbren told Variety that more studios are looking to align themselves with "passive investors" to survive the recession.

Entertaining the Recession

Dark Cloud: Extra Baggage Fees for Air Travel
Do you have plans to bring your entire closet on board for an upcoming vacation? Well, think again. Airlines are now making travelers more savvy when it comes to packing. Air carriers such as Delta are charging $15 for the first checked bag and $25 for a second. In addition to the amount of luggage you have, certain weight limits may involve a check fee ranging from $90 to $300 per bag. Hopefully, fries and a shake are included with that.

Entertaining the Recession

Glimmer of Hope: Cheaper Airfare
As previously mentioned, fewer people are traveling, which has caused everything from resorts to airlines to slash fares on expensive flights. In addition to the cheaper flights, some travel companies are also throwing in complimentary perks such as resort credits, free or discounted meals, spa treatments, rebates upon check out to apply to airfare, free nights and free upgrades.

Entertaining the Recession

Glimmer of Hope: Video Game Industry Booming
Even though money is tight, families are still finding more cost-efficient ways to stay entertained through video games. Now more than ever, families are finding it more convenient to cancel annual ski trips and ski virtually through Nintendo's Wii. Time magazine reports that the sale of video games are on a growth trajectory of 20 percent or more.

Entertaining the Recession

Glimmer of Hope: Broadway Shows Are Shining Bright
Although billboards and marquees appeared to be a bit dim earlier this year with record number closings, Manhattan's theater district is staying afloat the nation's economic crisis. According to The Hollywood Reporter, Broadway shows such as 'West Side Story' are profiting $1 million a week in addition to several debut shows being sold out.

Entertaining the Recession