Managing content production costs has always been difficult in the Media and Entertainment industry. Spend control can be difficult, particularly for the surprising number of content creators that don’t forecast at all.

A siloed approach results in little visibility between departments. This limits an organization’s ability to create accurate cash flow forecasts, which creates difficulties in controlling costs but also in understanding how the budget changes throughout the content production process. For full control, visibility needs to be real-time, accurate, and span all departments. 

But competing with growing subscription offers, limited studio availability (despite ambitious expansion programs), and more production houses using the same talent pool for pre- and post-production teams, costs have become increasingly complex. This, with the squeeze on profits for many streaming service providers, is causing upheaval in the industry. 

With full visibility into cost management and intelligent technology to uncover potential revenue streams, discounts and rebates, studios can manage profit margins more effectively. Best practice workflows and advanced tech are key to driving efficiencies and accessing untapped profit margins.

Create masterpieces, while cutting costs.

Forging a way forward means cutting costs, while continuing to attract and retain consumers. The industry needs to focus on advanced analytics to measure costs accurately and get visibility on exactly where budget is allocated.

Organizations must embrace modern technology, so they can pursue smarter routes to profitability without reckless cost-cutting that can harm viewing and subscriber retention rates. If they’re committed to reaping the rewards of technology, they need to step away from the manual, fragmented systems that prevent integration along the workflow and introduce a system with analytics at the heart of the content production process. 

A long-term perspective for success.

Proper management of media content financials contributes to the sustainability of production companies. By keeping a watchful eye on their financial health, these companies can invest in innovation, expand their portfolios, and chase new possibilities.

Effectively controlling the fiscal management of content production also helps guide creativity and business acumen. With better cost control, production teams can create masterpieces that captivate audiences while ensuring the long-term stability of their enterprises. 

invenioLSI Content Financials offers real-time data, enabling media and entertainment businesses to make more informed budgeting decisions. With Content Financials, production data becomes joined up across your organization, making it easy to track everything for every content creation project, all in one system.

Learn more about our Media Content Financials here, or get in touch at sales@inveniolsi.com.