The Future of M&E: Leveraging Data and Technology for Tax and Finance (VIDEO)
Tax implications for media and entertainment businesses have been top of mind for finance professionals since day one. With myriad changes currently affecting the formerly more predictable industry -- from how movies are now consumed, to the deprecation of third-party cookies that will change how digital ad buyers and sellers find and target audiences -- businesses must take a new view of where tax issues fit into the ecosystem. Grant Thornton's Howard Homonoff starts this post-breakout session interview reminding us these are called the "in-between years," saying "the new world will not look like the old world. We're now in a time of testing and learning and sorting how we act as a business and plan for the future." Two of the main issues are consolidation of the business and integration of new technologies, including AI and cybersecurity, Homonoff said.
Lindsay Miller of Grant Thornton's Tax Digital Consulting Practice delved into how tax implications are adding to business challenges. "Every business impact has a downstream impact on tax. Step one is to get tax a seat at the table." She added she's confident the amount of change is not going to slow down on either the industry or the tax side. "A lot of companies are trying to future-proof and be intentional about their data strategy and their automation strategies; they're trying to get the right data to meet compliance requirements and provide valuable insights into the business. You should either start holistically or start small," she advises. Watch this video to hear more of Grant Thornton's recommendations around this major period of transition.
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The opinions expressed here are the author's views and do not necessarily represent the views of MediaVillage.org/MyersBizNet.
