Hollywood’s new era: Embracing technology to navigate financial challenges

The changing landscape of the entertainment industry

In recent years, Hollywood has faced unprecedented challenges, from global pandemics to industry-wide strikes. These events have ushered in an era of frugality, compelling the entertainment industry to rethink its financial strategies. Financial experts like Erin Oremland, general manager of AgilLink and senior VP at City National Bank, are at the forefront of this transformation, providing innovative data and analysis tools to streamline business operations.

Leveraging technology for efficiency

“We all know that businesses are changing, particularly our industry right now in entertainment,” Oremland remarked. “There’s a lot of consolidation, downsizing, adjustments, and everyone is really looking for ways to do more with less. And the best way to do that is to leverage your technology.”

During a recent summit, Oremland joined forces with Shahin Mohammadkhani, VP of engineering at United Talent Agency (UTA), and David Garelick, CEO of Global Business Management, to discuss how technology is reshaping business priorities in these challenging times. The conversation was moderated by Andrew Wallenstein, president and chief media analyst of the Variety Intelligence Platform.

Demystifying the banking process

Mohammadkhani highlighted the two-year partnership between UTA and City National Bank, which has revolutionized the banking process for UTA’s clients. “We are removing the stress clients have on the payments they get, providing business managers the opportunity to view all the transactions that are happening for the clients, and in turn, reducing our internal processes,” he explained. This automation has led to a complete understanding on both ends of what the desires are and how to work together to achieve them.

The impact of automation

Before the advent of automation, Garelick recalled the cumbersome process of handling “hundreds of checks” each month at Global Business Management, Inc. These checks often took up to “two weeks or a month” to be cashed for their clients. However, with the implementation of Oremland’s AgilLink system, payments are now delivered instantaneously.

“The money is in client accounts right away, auto-credited right to their accounts,” Garelick noted. “It’s kind of been a game changer. Checks aren’t lost in the mail, clients are getting their money, and they’re getting it very quickly.”

A new standard in financial management

The integration of advanced technology in financial management has set a new standard in the entertainment industry. By automating transactions and providing real-time access to financial data, these innovations have not only increased efficiency but also enhanced trust and transparency between studios, talent, and business managers.

Looking ahead

As Hollywood continues to navigate its financial challenges, the role of technology will only become more critical. The insights shared by Oremland, Mohammadkhani, and Garelick underscore the importance of embracing technological advancements to stay competitive and resilient in an ever-evolving industry.

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