Media and Entertainment

There is indeed no business like show business. The media and entertainment sectors are tough for new operators to enter, extremely competitive and notoriously exposed to the vagaries of shifting fashions, tastes and consumer demand. Creative ‘practitioners’ need sound management and financial advice, while the organisations that hire them are often juggling several disparate streams of talent and production to deliver a stage show, TV series, feature film or publication on tight budgets.

Long periods of lockdown during the Covid-19 pandemic underlined the increasing importance and value of ‘content’ – programmes, box sets and movies for both on-demand streaming businesses and terrestrial channels. The virus provided a silver lining for streamers themselves, boosted by captive audiences swelling subscriptions; however, previously booming producers of content were hit hard by the logistical challenges of filming, leaving them unable to deliver projects despite strong demand from studios and TV companies. Meanwhile, more traditional forms of entertainment, such as theatre, cinema and music venues, were unsurprisingly battered by months on end of empty seats, set against the continued high costs of large properties.

Longer term changes in these sectors mean that the sands will continue shifting long after Covid-19. Print media is shrinking at a rapid pace as newspapers and magazines move online and provide content in real-time. Recorded music sales, which now promote artists’ tours and live events rather than the reverse scenario that prevailed until recent years, are focused on digital streaming instead of physical product. Traditional TV outlets are redefining their relationships with advertisers, as audiences’ consumption of entertainment through a variety of devices becomes less predictable.

Media and entertainment businesses, large and small and across a variety of sub-sectors, therefore face significant challenges balancing revenues and costs for the foreseeable future. Buchler Phillips has worked right across these industries for several decades, helping businesses adapt to rapidly changing landscapes and improving their chances of longevity.

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