Both of these roles are high-level management positions with many of the same responsibilities and duties, so you may wonder: what exactly is the difference between them? Is it just a matter of title or specialization?

While it’s easy enough to misread one title as the other, that doesn’t make them interchangeable. Product managers and project managers do have different specialties, but it’s more than that. And it’s actually in their titles:

Product managers are in charge of a product, while project managers are in charge of a project. That may seem overly simplistic, but it’s the true difference between them.

While the project that project managers manage may be something like the launch of a new product, that’s not their only role. They can also be in charge of transitioning from one system to another or oversee a development being built.

Product managers are involved in the sales, marketing, and improvement process of a product.

What Is a Product Manager?

A product manager manages a company’s product or products. Product management usually doesn’t have a set start and end like project management – product managers are involved in the product’s life cycle continuously.

The majority of what product managers do could be considered marketing. They research market trends and conditions and set the rules on how the product should be introduced to the public and what should and shouldn’t be part of its advertising and marketing strategy.

It isn’t all marketing based, however, as they’re heavily involved with the sales team and the business side of the product as well. They make sure it’s hitting sales goals and will help to make alterations if it isn’t – including pricing. They also help with handling business operations and deals involving the product.

As they’re in charge of the product, product managers may also be involved in improvement and alterations to an existing product.

What Is a Project Manager?

Like product managers, project managers are found in almost every industry. Project managers are the ones to make sure that timetables are met and that the product or service is completed to specifications. They’re also responsible for working out timelines, handling resources, and making sure the different teams are able to work together or at least in parallel.

Project managers are much more specific and goal-oriented than product managers. Their projects have set start and end dates, as well as a set budget. They have to deliver the project on time and under budget – if at all possible.

This means that they need to do a lot of planning, setting timetables, as well as taking costs into account. They’re also the ones who will set goals or metrics and make sure that the different teams are meeting them. And if they aren’t, they have to figure out why and how to rectify the problem.

Tips for Being an Effective Product Manager

If you want to work as a product manager, here are some things to consider:

• Product managers need a strong understanding of the market and business practices in order to effectively market and sell a product.

• This is a highly creative role, and product managers are expected to have an idea or suggestion for every situation.

• Being a product manager requires constantly being in communication with others, bringing different departments together – such as marketing, sales, and development – and setting them on the same track. This means you need to be very effective at communication and a creative problem solver.

• Product managers are the ones who rise or fall based on how the product does. You have to be willing to accept blame, share credit, and be flexible and ready to make alterations if something isn’t working.

Tips for Being an Effective Project Manager

If you’re thinking about becoming a project manager, here are a few things to consider:

• Project management is all about juggling different responsibilities but also being willing to let others do their jobs. A micromanaging project manager prevents anything from getting done.

• In order to effectively manage a project, it’s imperative that you understand the parameters. You need to make sure that you understand exactly what’s being asked of you, under what time constraints, and with what budget.

• Project managers are the ones who set the timetables and goals for individual teams under their oversight. You need to be organized, good at communication, and willing to take advice from experts.

• A large part of a project manager’s job is making sure that everything’s done on time and to make sure that the teams are working together. This means you need to be attentive, ready to make changes, and unafraid to take the blame and shield your team when necessary.

• There are several different project management methods that can help with organization. Such as:

  • Agile

  • Waterfall

  • Scrum

  • Strategic

Product Manager vs. Project Manager FAQ

1. Is project management part of product management?

   Yes, project management is often part of product management. Product management is usually more fluid and ongoing than project management, and there are several projects under the product management umbrella.

   This can be an improvement or alteration to a product (this is continuous if it’s software or technological) or something specific, like a product launch.

2. Which is better: product manager or project manager?

   The answer to this question is largely subjective. Product managers typically make more money than product managers, but not by a tremendous amount. Project managers usually have a set start and end date, so if you’re highly goal-oriented, the project manager would likely be better for you.

   Product managers are more involved in marketing and sales. If that’s your area of expertise, then product management would likely suit you better.

3. Can a product manager be a project manager?

   Yes, a product manager can be a project manager. However, they are different roles for a reason, so a product manager shouldn’t be both a product manager and a project manager – that’s doing two jobs for one salary. Though in smaller companies, you may end up doing a bit of both.

• In 2020, box office revenue was only $2.09 billion for the North American film industry.

• While this might seem like a lot, it was actually down from $11.32 billion in 2019.

• As of April 2021, 60% of North American theaters reopened for the first time in six months. However, U.S. box office revenue is still 76% lower than it was the same month prior to the Pandemic.

• The Film Industry is worth $42.5 billion, being vastly overtaken in the entertainment industry by Gaming, which is now worth $145.7 billion.

• Black Widow was the best-selling movie of 2021, with a total gross income of $183.3 million.

General U.S. Film Industry Statistics

• Despite taking a hit from COVID-19, the U.S. film industry is expected to experience a CAGR of 8.3% between 2021 to 2027.

  And this is despite a market size decline of 10.2% per year between 2016 and 2021. In 2019, the industry was worth $42.2 million and wasn’t expected to exceed that former number until 2027, when the industry is estimated to reach $43.9million.

• Pre-Pandemic, Hollywood contributed $504 billion to the U.S. GDP.

  That’s at least 3.2% of the goods and services portion of GDP. But, these numbers have likely been reduced due to the Pandemic.

• In 2020, Film Entertainment revenue amounted to $25.9 billion.

  That’s a 27% decline from 2019 when revenue was at $35.3 billion. No doubt, this decrease is the result of COVID-19 and its impact on the industry.

• As of 2020, the U.S. movie industry is worth $91.83 billion.

  And this has continued to grow throughout the Pandemic, despite theater closures. The industry is expected to have a CAGR of 4.1% from 2018 to 2025. [18]

• China had the highest box office revenue in 2020, amounting to $3.1 billion.

  Meanwhile, the North American box office revenue dropped to $2.09 billion, which is 33% lower than China’s.

U.S. Film Industry Customer Statistics

• Only 14% of Americans go to the movie theater at least once a month.

  In fact, the highest percentage (46%) only attend the movie theater once a year or less. No doubt, this has had a huge impact on the film industry’s recent decline.

• Gen Z sees the most movies, with 43% reporting that they’ve seen a movie within the past month.

  Though it might be surprising when you consider digitization, the younger generations actually go to the theaters more often than the older ones. Only 34% of those in Gen X had seen a movie within the past month, and the number was even lower for Boomers. Of course, COVID-19 could have a hand in this, as older generations might feel less comfortable going out.

• When considering population percentage, theaters are most popular with Latin X people.

  Despite only making up 16.7% of the population, there were 10.4 million frequent Latin X moviegoers in 2019. While there were 22 million frequent moviegoers that were Caucasian, Caucasians constituted about 76.3%.

• In only 17 years, the cost of seeing a movie has doubled.

  In 2001, the average price of a single movie theater ticket was only $5.66. However, as of 2018, that number was up to $9.11. Families reported that they could easily spend upwards of $35 to see a movie, which had an impact on their decision to go.

• AMC Theaters is the largest in the United States, with 8,043 total screens.

  While the second and third largest are Regal Entertainment Group with 7,178 and Cinemark USA, Inc. with 4,630.

U.S. Film Industry Employment Statistics

• The U.S. Film Industry employs roughly 2.5 million people.

  And that number span across 93,000 businesses, of which the majority had to close throughout 2020.

• The Film Industry pays out $188 billion per year in total wages.

  And there’s a large disparity, as the average movie theater usher only makes around $25,308 annually, while those involved in film production can make well over $100,000.

• Nearly all of the 125,000 movie theater employees were either laid off or furloughed due to the Pandemic.

  Plus, many of the 170,000 actors employed also weren’t working during the height of the Pandemic.

U.S. Film Industry: Pandemic Numbers and Post-Pandemic Predictions

• Between 2019 and 2020, the number of movie tickets sold plummeted by 82%.

  In 2019, there were roughly 1.24 billion movie theater tickets sold. However, this number dropped to only 223 million in 2020.

• The market for streaming services grew by 37% in 2020.

  And while this percentage accounts for Disney+, Netflix, and Hulu, a majority of the growth can be attributed to Disney+.

• As of 2020, U.S. streaming services were worth $24 billion, while box office revenue was only $2.09 billion.

  That means that streaming services receive nearly 91% more income.

• Online streaming services are expected to experience a CAGR of 21.0% from 2021 to 2028.

  This is significantly larger than the 8.3% expected from the overall film industry. No doubt, the COVID-19 Pandemic has had a huge impact on the public’s interest in digital media.

U.S. Film Industry Production Statistics

• The Film Industry’s production spending increased by 16.1% in North America.

  In 2020, global production spending reached an all-time high of $220.2 billion, with companies like Disney spending $28.6 billion alone.

• Within the past five years, the most expensive film produced was 2019’s Avengers: Age of Ultron.

  This film cost a whopping $365 million to make and edges ahead of yet another two Avengers movies for the title. Second and Third place goes to Avengers: Endgame ($356 million) and Avengers: Infinity War ($325 million).

• Including distributing and marketing, the average movie costs at least $100 million to make.

  Movie production alone can cost upwards of $65 million, while marketing and distribution cost $35 million. That means that when movies flop at the theater, the company that made them can be hit pretty hard.

U.S. Film Industry FAQ

1. Is the U.S. film industry the largest in the world?

   Yes and no. While Hollywood is still the largest film industry in the world, the 2020 Coronavirus Pandemic severely affected American theaters. Due to that, China has overtaken the U.S. in box office revenue by 33%.

2. How much is the movie industry worth in the U.S.?

   The movie industry in the U.S. was worth $91.83 billion as of 2020 and has continued to grow throughout the Pandemic. The industry is expected to have a CAGR of 4.1% from 2018 to 2025.

3. How many people does the film industry employ in the U.S.?

   The film industry employs roughly 2.1 million people across a wide range of job types, fields, and salaries.

4. How much does the film industry contribute to the U.S. economy?

   The film industry provides a substantial contribution to the U.S. economy. Pre-Pandemic, Hollywood contributed $504 billion to the U.S. GDP or 3.2% of the goods and services portion of GDP.

Conclusion

Sources

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2. Observer. “Reality Check: The Film Industry Is Still in Grave Danger.” Accessed on September 21st, 2021.

3. Raise Your Skillz. “Gaming Industry vs. Other Entertainment Industries (2021).” Accessed on September 21st, 2021.

4. Allied Market Research. “Motion Picture Industry by Genre.” Accessed on September 23rd, 2021.

5. Statista. “Film Industry – statistics facts.” Accessed on September 23rd, 2021.

6. Statista. “Frequency of going to movie theaters to see a movie among adults in the United States as of June 2019.” Accessed on September 23rd, 2021.

7. Statista. “Number of frequent moviegoers in the United States from 2017 to 2019, by ethnicity.” Accessed on September 23rd, 2021.

8. Statista. “Leading cinema circuits in the United States and in Canada as of February 2020, by number of screens.” Accessed on September 23rd, 2021.

9. The Hollywood Reporter. “Hollywood, Creative Industries Add $504 Billion to U.S. GDP.” Accessed on September 24th, 2021.

10. Motion Picture Association. “Driving Economic Growth.” Accessed on September 24th, 2021.

11. Zippia. “Theater Usher Overview.” Accessed on September 4th, 2021.

12. Variety. “Hollywood’s Great Depression: Meet the Entertainment Workers Left Jobless by the Coronavirus Pandemic.” Accessed on September 4th, 2021.

13. ScreenRant. “How Much Streaming Services Actually Grew During 2020.” Accessed on September 4th, 2021.

14. Grand View Analysis. “Video Streaming Market.” Accessed on September 4th, 2021.

15. Televisual. “Global content spend hit record high of $220bn in 2020.” Accessed on September 4th, 2021.

16. Wikipedia. “List of most expensive films.” Accessed on September 4th, 2021.

17. Investopedia. “Why Movies Cost So Much To Make.” Accessed on September 4th, 2021.

18. Grand View Analysis. “Movies and Entertainment Market.” Accessed on September 4th, 2021.