As a seasoned cinephile with decades of film industry experience under my belt, I find myself captivated by the wisdom and insights shared during the “Power Couple: Entrepreneurship + Entertainment” panel discussion at EbMaster’s Entertainment & Technology Summit. The panelists’ discussions on balancing risk and reward in today’s turbulent media landscape resonate deeply with me, having navigated similar challenges throughout my career.
At the Entertainment & Technology Summit arranged by City National Bank and hosted by EbMaster, Todd Spangler from EbMaster served as the moderator for a panel discussion titled “Power Couple: Entrepreneurship + Entertainment”. This insightful conversation gathered prominent figures from the entertainment industry to share their insights on running businesses in a rapidly evolving media environment.
What’s the best strategy for managing risk versus reward in today’s environment? The panelists discussed instances where it’s appropriate to take big chances and the strategies they employ. Donald Mustard, a partner at AGBO, an indie studio run by Anthony and Joe Russo, said, “You operate on the razor’s edge of what’s feasible, constantly pushing the boundaries.” He emphasized that if you aim for something truly innovative and revolutionary, you must be ready to take substantial risks consistently.
Justina Omokhua, Senior Vice President at Parkwood Entertainment, Beyoncé’s media, management, and production company, emphasized that leaders should consider three key questions: “Is this endeavor original or innovative? Is it pushing boundaries in some way? And does it exhibit any element of novelty?” She noted that sometimes all three aspects may be present, while other times only one might apply. Omokhua stressed the importance of being prepared to take risks, and if a daring new project should fail, having a contingency plan in place to learn from the experience and guide future endeavors.
Later, Omokhua emphasized that staying attuned to “popular patterns” and understanding “the portion of their budget customers are willing to spend” are crucial for top-tier marketing. She revealed her team regularly reviews customer feedback on a “monthly” or even “weekly” basis to stay in sync with market fluctuations.
Omokhua mentioned, ‘What’s the chance they’ll buy something considering the current situation? Are these actions likely? For instance, purchasing whiskey, using a hair product, attending a concert, or listening to this particular genre of music. All these factors play a significant role in our businesses by helping us understand consumer behavior.’
A pitfall to steer clear of is getting stuck in the mindset of “good days – bad days” when evaluating a fresh project, as pointed out by Asad Qizilbash, SVP of product and head of PlayStation Productions. “You’re bound to make errors. There will be attempts that won’t succeed… However, it’s crucial to maintain the self-control to understand that setbacks are likely in the short term,” Qizilbash cautioned. His suggestion is to adopt a long-term perspective while also being proactive in cutting your losses when it’s evident that something isn’t yielding positive results.
Starting an unproven venture calls for more than just courage but also funds, and fortunately, the expense of capital is decreasing, as mentioned by Judy Tu, SVP and senior relationship manager in City National Bank’s entertainment division, in reference to the Federal Reserve’s recent interest-rate decrease. Tu found the entrepreneurial spirit demonstrated by her fellow panelists inspiring: “It’s a delightful sound, knowing that so many businesses are being careful and strategic about managing risk,” she said.
Mustard concluded the meeting by expressing his enthusiasm about the imaginative paths that could be explored once everyday people have access to advanced smartphone and AI technology. Although AI has been a contentious topic in the media world, Mustard underscored his role as a visionary who shapes the future, and urged media professionals to brace themselves for whatever AI may bring.
Yesterday’s pattern has passed; our task lies in shaping the pattern for the future,” Mustard explained. “We don’t look at the world as it is now; instead, we ask ‘what will tomorrow bring, and how can we shape it?’ That’s what we strive to do.
Watch the entire conversation above.
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2024-09-27 19:48