In The Business Of Fun: How An MBA In Entertainment Business Management Can Accelerate Your Career
Posted by Albers School of Business on Tuesday, April 27, 2021 at 9:16 PM PDT
The media and entertainment industry plays a key role in our world of constant and instant communication and connection. And it’s showing no signs of slowing down anytime soon. The industry currently produces $2.1 trillion globally, and is forecasted to grow to $2.5 trillion by 2024. Since the digital revolution, this industry, along with all it’s exciting and challenging sub-sectors, has expanded well beyond the traditional silver screen of Hollywood, opening up a myriad of unique opportunities for individuals seeking jobs or career advancement, especially for managers. The Bureau of Labor Statistics (BLS) predicts a faster-than-average growth rate for management positions, citing a seven percent increase by 2028 (with 706,900 new jobs in this sector). And further still, among the occupational groups tracked by the BLS, management occupations have the highest median annual wage; individuals with a master’s degree working in managerial roles can expect to earn over $100,000 per year.
But with the scope of opportunity so vast, it’s important to consider how your individual career goals align.
Why Media And Entertainment?
The old adage, “there’s no business like show business,” is as true today as it ever has been. Besides the glitz and glamour that has always accompanied the industry, there are a number of factors that make entertainment and media an attractive industry for creative, business-minded talent.
Highly Innovative
Media and the ways we engage with it are constantly evolving, meaning this industry goes hand-in-hand with cutting edge innovation and technology. This also means that there is an increasing need to analyze and quantify the impact and support these initiatives have on business and strategy.
Diverse Workforce
Because of the emphasis on creative problem solving, the industry attracts a wide variety of personalities and backgrounds. Additionally, the international nature of the business means that you will likely be working with people from all over the world. Being in regular conversation with a diverse group of people and harnessing intercultural skills is an important part of professional growth.
Continuous Learning
Entertainment professionals spend a lot of time educating themselves about various happenings across different platforms, keeping themselves updated about the changing trends (such as on-demand entertainment and use of AI in media) and preferences, as well as current events. This helps entertainment professionals to keep revolutionizing their approach and adapting to constant change.
Strong Growth
With increased competition, advancing technologies, and shifting consumer expectations, disruption is sweeping through the media and entertainment industry. This has powered evolving business models and has exponentially impacted the scope for growth in this industry. With all the exciting positions resulting from these evolutions, there is a vast opportunity to grow in-demand skill sets and lead organizations through these critical points of change.
Media and entertainment has always been a pioneering industry, and for those looking to work purposefully and passionately in an exciting and dynamic environment, it presents a myriad of exciting new ventures. If you are looking for a career that sits on the precipice of new ideas, embraces diversity, seeks innovation, or grows in step with cultural changes, there’s no better place to be.
Should I Get An MBA In Media And Entertainment?
Whether you are already working in entertainment or are looking to begin a new career in the growing industry, an mba in entertainment business management imparts the skills necessary to help media organizations drive growth, respond to change, and stay on top of current trends. Offering communication, business, and leadership training, MBA programs for media and entertainment prepare current and future entertainment professionals to be competitive as they pursue a management career in companies venturing into digital technologies and thrive in the ever-changing entertainment, media, and sports industries.
To navigate these constant changes, media and entertainment organizations are becoming more strategically focused, more closely managing costs and giving more attention to the bottom line, as well as placing a greater emphasis on talent management and skills development. According to EY, 30 percent of companies reported one of the biggest barriers to innovation in media companies being inadequate skills and training.
This means that, more than ever, the know-how and tool which MBAs possess are proactively sought after by these companies to better understand and meet those performance objectives, such as:
- Managerial competency and decision-making specific to the industry;
- The ability to recognize and address moral and ethical challenges (and defend a course of action);
- Inclusive leadership (harnessing the power of diversity as a source for creativity, innovation, and collaboration);
- The application of appropriate analytical methods to identify, describe, and propose solutions to complex business problems in an interconnected world;
- Self-awareness and curiosity in pursuit of professional and personal growth; and
Professional communication.
These will be the defining characteristics of the next generation of media and entertainment producers, creators, and leaders. An MBA in media and entertainment combines creative power and quantitative expertise to ready you to have an impact on development, marketing, production, distribution, and strategy at all levels across a global media and entertainment marketplace.
How Do I Choose The Best MBA Program For Media And Entertainment?
Increased demand from students and employers has spurred growth in the number of MBA programs that focus on the media and entertainment industry. When choosing the best program for you, find a degree that suits your professional goals with the right emphasis and learning outcomes for what you want to do with your career. It’s also important to consider other academic or curriculum inclusions such as internships, residency, or fellowship programs that offer students field experience and hands-on learning.
Based on your schedule and when in your career path you are choosing to pursue your degree, determine the resources that will be made available to you to aid you in your journey. For example, some programs also have online or hybrid course offerings to allow for more flexibility as you complete your coursework.
What Can I Expect From The MBA SEM Experience At Seattle University?
Seattle University’s Albers School of Business and Economics has cultivated a bold and diverse community of lifelong learners, critical thinkers, and problem-solvers, individuals committed to making a lasting and transformative impact on the global entertainment industry. Our MBA in Sports and Entertainment Management is designed to prepare you to jump in and enact these changes, equipping you with all the knowledge and experience you need to plug into, and succeed in, the growing industry.
As one of the best MBA programs for the entertainment industry, students receive innovative instruction through a current and engaging curriculum based on challenging coursework and experiential learning opportunities, alongside access to a network of experts. Once enrolled, you will focus on critical analysis, solution development, new technologies, innovation, analytics, finance, and teamwork development. Not only will you come out of the program with expertise in the industry itself, you will also graduate with the increased financial competence, leadership growth, and stronger communications skills needed by entertainment business executives.
There has never been a better time to pursue your MBA for a career in entertainment. If you want to better understand your options, including how an MBA in Entertainment Business Management can connect you with your goals and chart your course on an exciting career path, visit our website to learn more or reach out directly with questions.