Media & Entertainment
Media and entertainment business models are evolving. To remain successful, companies must advance.
Streaming, broadcast, gaming, publishing, music, and production companies are all undergoing technology-driven evolution. Personalised content, ad-based streaming, increased data privacy focus and changing customer demands form part of their new reality. Finding the best ways of engaging with audiences across multiple media channels requires agility, flexibility, and creativity, for example, worldwide talent pools are part of media and entertainment’s new normal. Smart companies can leverage international production and tax credits to optimise production value, however, this requires an in-depth understanding of the tax, compliance, and audit implications.
Navigating the many new opportunities and improving outcomes requires a keen eye on ongoing developments.
Streaming is a good example. Netflix recently recorded its first-ever drop in subscribers amidst rising competition. As a result, streaming platforms are consolidating, and ad-based subscription models are emerging. The move creates new opportunities but requires that companies can offer audiences nuance and relevance, including adverts, on new platforms. Digitisation has led publishing companies to bundle popular content to attract subscribers. For live sports, the dynamic is the opposite. Popular franchises such as the MLB, NFL, and Premier League are split and presented across several platforms.
In short, the media landscape is multi-faceted and evolving.
However, achieving optimal outcomes is also based on what has not changed. Technology is a driver, but part of the core of media and entertainment remains understanding developing trends, having a strong business sense, and the ability to focus on quality content and creativity.
BDO’s global network of media and entertainment specialists assists companies in achieving excellence, remaining focused on core business operations, and optimising business results.
We support companies across all areas of business operations, including tax, audit, compliance, transactions, digital transformation, strategy, operational efficiency and more.