From the President -- the Industry's Tumultuous Transformation
"Life moves pretty fast. If you don't stop and look around once in a while, you could miss it." -- Ferris Bueller
Could life in the media and entertainment industry be moving any faster than it is right now? I am staggered by the scope and scale of challenges and changes this industry is experiencing on an almost daily basis. And, as Ferris Bueller reminds us, the penalty for not stopping and looking around is severe. Not being aware of the industry's tumultuous transformation could result in us "missing it" -- and seeing opportunities to transform our own careers and companies pass us by.
Let's look at just a few of the foundation-rattling changes taking place right now:
- Artificial Intelligence -- Unlike the metaverse and cryptocurrency -- the darlings' of 2022 headlines and keynote addresses -- AI is no flash in the pan. Do we try to protect ourselves and our businesses from AI's rise or embrace the technology to seek a competitive advantage?
- Labor relations -- Beyond the ongoing writers' and actors' strikes disrupting the industry, the post-pandemic work environment (fully remote, hybrid or in-office) is reshaping corporate culture and labor relations.
- Cable cord-cutting and TV technology -- I'm a dinosaur with my TV still hooked to a coaxial cord. But not for much longer. The arrival of FAST, ATSC 3.0, and NextGen TV will transform the way we "experience" TV and dramatically alter the economic relationship between content developers and distributors.
- Big Tech expansion -- Big tech's reach into every aspect of the media and entertainment industry -- from content to ad revenue -- continues unabated. How can "traditional" media companies compete?
- Mergers and acquisitions -- With the regulatory hurdles precluding Microsoft's acquisition of Activision all but removed, will there be a new surge of M&A activity in the games sector, and elsewhere?
- Streaming profitability -- Consumers are looking closely at their expenses. Wall Street is demanding profitability. As we watch these forces collide, it's currently anyone's guess which faction will prevail.
Where do you turn to stay on top of developments like these, to get the information you need to do your job better today and be able to peer around the next corner to see what's coming before you "miss it?"
That's where MFM comes in. With a full slate of educational programs including webinars, network teleconferences, regional meetings and signature events like the CFO Summit and Annual Conference, MFM members can keep pace with a dynamic industry, build knowledge-sharing and problem-solving networks of professional colleagues and earn a boatload of free CPE credit to maintain their professional certification. And many of these programs, such as webinars and regional meetings -- are free.
Take a look at our website to access all your membership benefits and maximize the value of the only trade association dedicated to serving financial professionals in the media and entertainment industry.
Have suggestions for how we can improve our current benefit package or ideas for new programs? I'd love to hear them. Contact me at joe.annotti@mediafinance.org.
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The opinions expressed here are the author's views and do not necessarily represent the views of MediaVillage.org/MyersBizNet.
Joe Annotti
Joseph Annotti is President and Chief Executive Officer of the Media Financial Management Association. He is responsible for day-to-day leadership of the organization, interfacing directly with the board to develop and implement its strategic plan. Annotti, …
