What Makes a Modern CFO? In M&E, It’s Data and Technology.
Trends like the rise of AVOD and direct-to-consumer content distribution are redefining expectations for media industry CFOs. Deeper analytical capabilities and early technology adoption have become critical success factors. How should current and aspiring executives adapt?
Recent years have seen the streaming industry become much more competitive and data-driven.
The pandemic enhanced that competition – and, in fact, 57% of CFOs reported that the demands of their roles have increased since the beginning of the COVID-19 crisis. To keep pace with the evolving data landscape and multitude of demands, CFOs will need to look to new tools that offer the ability to streamline back office functions and reduce workflow timelines, particularly for finance and accounting teams. As new business models emerge and the streaming market continues to diversify, top media and entertainment industry CFOs have made a commitment to emerging technology like artificial intelligence (AI) and machine learning (ML).
Across the media and entertainment space, other business functions have integrated advanced analytical capabilities into their products and processes (e.g., content recommendations, customer habit tracking and promotions).
Bringing those same data-driven capabilities to the finance puts media CFOs in a position to identify hidden risks, new revenue streams, and efficiency gains.
As distributors leverage more data to optimize AVOD, licensing, and traditional revenue streams, CFOs can – and, with the right technology, should – be prepared to capture value. But it’s going to require access to the right data, combined with technology that can extract forward-looking insights that CFOs can leverage. More on this in my recent article for CFO Dive.