Bridge Over Troubled Water

You are all familiar with the litany of revolutionary changes we’re experiencing. Cord cutting, streaming, viewing content in 15-second increments on a four-inch screen, influencers, programmatic advertising purchases, fundamental changes in the way audiences consume content -- and the effect of artificial intelligence on virtually every part of the media and entertainment ecosystem. This industry is literally reinventing itself in real time.

The two primary drivers of this overhaul are the conscious efforts of media, entertainment, and technology companies to create a new marketplace landscape, and the changing habits of consumers that are requiring companies to meet the demand for more and more accessible information and entertainment options. One thing is for certain: we’re not going back to the cable bundle and having newspapers delivered in driveways every day. Those anachronisms may linger for a while, but not for long.

A few years ago, I attended a presentation by a senior Apple executive and close ally of Steve Jobs, who was talking about the development of the iPhone. I asked a question about the role that consumer research played in the process. He looked at me quizzically and chuckled before saying: “Almost none at all. They could not have imagined a product with all the features of an iPhone. We had to imagine it, create it, and tell them that they needed it.”

We could be on the threshold of a similar transformation in our industry today.

We are experiencing turbulent times right now. It is likely that so-called legacy companies will fail or fade away to be replaced by new ones. It is also likely that new skill sets beyond the traditional technical knowledge financial professionals have needed for generations will be necessary to compete in this uncharted new territory. This could entail everything from developing an expertise in artificial intelligence to honing “soft skills” such as leadership, negotiations, managing a more diverse and hybrid workforce.

So where do you turn when the winds are blowing, the water is rising, and you can’t trust your compass readings? One important resource is your professional organization – Media Financial Management Association – and the hundreds of professionals from dozens of media and entertainment companies that compose this unique trade group.

From opportunities to build and expand your personal networks, to best-in-class educational programs that help you anticipate and understand the causes of and the opportunities within our sand-shifting environment, MFM is an island of relative calm where you can connect, learn, and grow.

I encourage every member – from CFOs to entry-level accountants – to take advantage of the benefits we offer individuals and organizations and engage in this truly unique association dedicated to serving you. We offer terrific opportunities to do that – from monthly Town Halls and Networks meetings to our four Regional Meetings starting next month, and the Credit Conference we present in partnership with NMCP in September. Take advantage of these events to help you become the rudder of the ship.

Posted at MediaVillage through the Thought Leadership self-publishing platform.

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The opinions expressed here are the author's views and do not necessarily represent the views of MediaVillage.org/MyersBizNet.