Media & Entertainment
The entertainment and music industry have grown considerably in recent years and can include various businesses such as sports, theatre, music, and television, as well as emerging markets such as content creation for You Tube, TikTok and similar platforms.
The list below is an example of some of the roles which can be found within the Media and Entertainment industry. Studying accounts as a subject can aid you to follow a career path which leads to similar roles, amongst many others.
Chief Executive Officer (CEO)
The CEO is responsible for leading the entire organisation by guiding the strategic, financial, and operational elements of the business. The CEO guides the business in the direction which is advised by the shareholders or the Board of Directors. Being the executive decision-maker, the CEO has the overall responsibility for taking decisions on the business’ future and keeping track of how the organisation is operating and managing resources to ensure that its deadlines and objectives are met.
Head of Finance
The Head of Finance is an accountant who leads the team of accountants and assumes full responsibility for tracking the general profitability of the business through the preparation and management of timely financial reports. Under their (her/his) leadership, the finance department would manage different functions of the business to ensure that incomes (from sales or content creation) and expenditures (such as paying staff members or buying licenses) are received and paid for in a timely manner. The Financial Controller also uses this information to monitor the cash flow of the business and makes recommendations to the CEO on what resources are available for investment.
Business Development Executive
For a business to survive, it needs to grow and be competitive. Business development includes seeking ways to make the company grow through new ideas, contacts, and clients. The Business Development Executive would benefit from having some accounting knowledge such as budgeting expenses and forecasting revenue, a good grasp of financial literacy, as well as research, negotiation, leadership, and communication skills, amongst others.
Within the finance department, the Senior Accountant is the key person responsible for keeping track of the business’ income and expenditure. Using this information, the accountant draws up financial reports showing the financial position of the company. The accountant also calculates taxes and seeks to identify data and information through financial reports which helps the CEO and the Head of Finance to make decisions on how to spend and save money.
Businesses typically work with different clients. In this role, the Relationship Manager would handle the relationship with specific customers – and coordinate with their (her/his) colleagues to ensure that the client’s requests are fulfilled. An example of this might be a client who is requesting support with creating interesting content for their TikTok channel. In this case the Relationship Manager would involve videographers and script writers to meet the client’s objectives. The Relationship Manager would benefit from financial literacy and accounting knowledge as they help the client to formulate a budget and a timeline for the project.