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Global branded entertainment revenues reached a record $73.27 billion in 2014, according to media analysts PQ Media. A consequence of the increased popularity of advertainment is the boom of a specialized product placement industry. Product placement has become an institutionalized industry, as evidenced by the creation of professional associations, such as the Entertainment Resource Marketing Association and Branded Content Marketing Association. The professional associations are relatively new and consist of different types of agencies that range in type and size. These agencies also vary in the ways in which companies and studios deal with product placement.