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In addition, experts believe that in the next three to seven years, a new wave of entertainment technology will hit, making well-defined business processes more of a necessity than ever. These factors present entertainment companies with a constantly evolving set of challenges.

Success in this dynamic industry depends on the ability to:

• Maintain a sense of balance between art and commerce while making sound business decisions and building relationships
• Develop standards of business practice that are embraced at all levels of the organization
• Anticipate and prepare for the benefits and risks associated with newly developed technology

Preserving Creativity While Making Sound Business Decisions

Today's business climate offers companies in the entertainment industry less leeway than ever before. The desire for high artistic quality is often at odds with the need to keep within a tight budget, particularly when profits are erratic. As consumers have less money in their budgets for entertainment, the industry is forced to make decisions that often conflict with the desires of creative directors. Although this pressure between creative artists and business leaders has always existed, the strain has become considerably more complex in recent years as the economy has suffered.

While the entertainment industry is based on creativity, success is achieved by turning ideas into blockbuster products. Companies need to ensure that they have business leaders who understand creativity as well as the project life cycle, including scheduling, requirements and risk management. Ultimately, projects in the entertainment industry require leaders who understand the big picture and are capable of making the difficult decisions, while at the same time navigating the social and political minefields inherent in the industry. By implementing project management best practices, companies in the entertainment industry can ensure that decisions regarding their projects are considered from every perspective and with all essential data.

Developing Standard Processes to Ensure Best Practices

More than any other consumer product industry, the entertainment business faces particularly difficult challenges in managing its projects. Decisions about estimating cost, designing workflow, scheduling and managing risk vary widely from project to project. Because each project in the industry is so unique, traditional business planning has often been pushed by the wayside as inapplicable. However, more and more companies are now focusing on how to create better business models and implement best-practice techniques.

As entertainment companies recognize the need for a more formal strategy in their work, they are appointing project managers to oversee the development of projects from start to finish. With firm deadlines, differing perceptions of what will sell and the recent surge of technology complicating the industry even further, it becomes imperative for companies to maintain consistency throughout a project, from initiation and planning to implementation and closeout. While each project in the entertainment industry is decidedly different, standard project management tools and strategies can improve the control of time and cost across the board, ultimately providing a greater return on investment.

Preparing for the Benefits and Threats of New Technology

In recent years, advancing technology has had more impact on the entertainment industry than any other factor. Technical capabilities are soaring with these advances; however, this same technology presents a major threat to company profits. Creativity and originality are the foundation of the industry and preserving the security of this intellectual property is essential. As Internet file-sharing spreads quickly from the music industry to the movie business, security concerns are rapidly increasing. The Internet's power to obliterate traditional notions of copyright poses a complex and urgent management challenge.

As technology becomes more complex, the need to secure products from what could prove to be significant liabilities increases dramatically. The entertainment industry has always had a strong foundation in intellectual property, and controversies over the types of technology that threaten this foundation now abound. As technology changes, the entertainment industry has been forced into a position of constant adjustment. Production and management practices are shifting, for both product development and cost control. The risks associated with evolving technology require strong project management skills to keep the security of products at the forefront.

Learn Proven Techniques from the Leader in Project Management

ESI International understands the unique needs of managers operating in the entertainment business. As the industry undergoes constant change, we know how crucial it is for leaders to control not only their current projects, but also to look ahead. With more than 20 years of training experience and an expert project management curriculum, we can help improve your competitive edge.

ESI has the largest and most comprehensive repertoire of project management solutions available. We can support your company no matter where your offices are located, bringing our instructors and consultants to your site. Our experience with companies of all sizes gives us a unique insight into how organizations can benefit from effective project management processes.

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