The new face of finance in media and entertainment

In the US alone, the media and entertainment industry was a billion-dollar industry in 2017. The ask and direction of venture capital for innovation lies not with energy or medical or those consumer product unicorns – but with media and entertainment.

The recent move across major media houses towards mergers and acquisitions and the rise in new age content creation houses backed by big names in funding are testimony to the bold new world of innovation and job creation (imagine what happens when you combine this with software, IT, and networking… MediaTech).

Indeed the term “box office” has been rewritten forever. New age streaming services and business and subscription models are driving finance organizations to rethink their business strategies and come up with solutions aimed at the long term.

When “now” could be too late

Media and entertainment finance leaders can no longer be a behind-the-scenes CFO. The organization’s entire strategic vision, direction, and how their fortunes will be built are determined by these humble leaders of numbers, and they are geared up for the pressure.

Organizations that embrace this new change of breakneck speed, data-driven insights, new competency models, and financial outcomes will be prepared to face the challenge of a remarkably fickle consumer market earlier than those who don’t.

The traditional finance organization, which previously had pockets of technology but was largely modeled on individual operating models, needs to be completely transformed to focus on:

• Subscription-based accounting focused on new revenue streams
• Reducing manual processes via flexible technology platforms
• Real-time data insights including social media analytics
• Going beyond operational outcomes to drive frictionless business outcomes.

Empowering the CFO through frictionless finance

At Capgemini, we’ve crystallized our vision of a frictionless future for finance to deliver a new way of working designed to partner with the incredible growth momentum taking place within the world of media and entertainment.

Our game-changing Digital Global Enterprise Model (D-GEM) process transformation platform has been specifically curated for finance and accounting (F&A) processes in media and entertainment to include royalties and participation accounting. This also includes a co-creation of process maps to reflect the SAP S/4HANA onslaught within the organizations (over 83% of media houses run on SAP).

To learn more about how Capgemini’s Frictionless Finance can transform your F&A operations in M&E or any other industry to deliver enhanced, frictionless business outcomes, contact: priya.ganesh@capgemini.com