MBA in Media Management
The Sweet Smell of Success
MCNY alum Josh Berg talks about his experience at MCNY and how the MBA in Media Management helped him to successfully launch major theatrical projects as both an actor and producer.
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Check out Creating Utsava from IndieFlix site to understand the distribution agreement arranged by current MBA in Media Management student Teju Prasad, as part of his Constructive Action.
According to estimates from the U.S. Bureau of Economic Analysis and the National Endowment for the Arts, business generated by entertainment, arts, advertising services and culture contributed 3.2% of the total gross domestic product (GDP) -- or $504 billion -- in 2011. The study says that in 2011, six industries accounted for 45% of the growth in overall arts and culture versus previous periods: motion pictures, $46 billion; advertising services, $42 billion; cable TV production, $39 billion; TV/radio broadcasting, $34 billion; newspapers/publishing, $33 billion; and performing arts, $31 billion.
As a result, entertainment companies must focus as much on number crunching and financial analysis as they do on content creation, and consequently have a growing need for business school graduates. MBAs in particular, bring skills like making financial projections, debt structure and modeling, etc., as they analyze marketing or distribution plans.
The fact is that there are countless different types of master of business administration (MBA) programs, and an MBA in media management is one of the most unique and exciting possibilities for those interested in pursuing a career in business and the arts. From starting a record label to managing a performing arts center or working for a film production business, media MBA programs offer a wide range of opportunities to students and graduates all over the country. According to the August 2013 article "How An MBA Can Help You Launch A Career In Hollywood!" in BusinessBecause, typical roles for MBA grads in entertainment firms are in corporate strategy, finance, marketing and film distribution, with starting salaries are around $100,000 per year.
Overview of Media MBA Media Programs in General
An MBA in Media Management is an innovative Masters in Business Administration program of study that draws on a variety of disciplines and business competencies to provide students with the knowledge, skills, and practical training they need to succeed in the business end of the media and entertainment industries. MBA media programs provide instruction in specialized media fields, like film, broadcast, music and publishing, as well as the business, management and marketing skills that should be most useful in future careers in the media, performing arts, and arts management.
Media MBA programs have a dual focus, providing students with both business skills and an understanding of the arts. While many students who enter such programs already have experience in radio, television, museum administration, journalism, publishing, theatre, film, or music, many more are pursuing dreams or the desire to change careers. Others enter our MBA media management programs with a background in law, management, marketing, or education.
What Can You Do with an MBA in Media?
Graduates from MBA media programs can go on to a variety of exciting careers in the entertainment and media. You may work as an agent or publicist for an artist, help develop circulation strategies for a magazine, or sell advertising for online or traditional media. The cross-disciplinary approach taught in MBA media courses provides graduates with unique skill sets in marketing, promotions, and problem-solving, making them top candidates for companies seeking innovative thinkers with a varied background in arts and culture. MBA media graduates can find jobs in advertising management, public relations, marketing, and sales, as well as the obvious career paths in the entertainment industry, such as producing film, radio, and TV shows, publishing, and representing actors, musicians, writers, and other creative artists.
Business and financial experts make up roughly 5 percent of workers in the entertainment industry, according to 2008 data the Bureau of Labor Statistics (BLS). This includes agents and managers as well as individuals responsible for marketing, public relations, fundraising, and contract negotiations with artists, musicians, and performers.
In 2009, the BLS reports, there were roughly 11,700 agents and business managers in the U.S. working to promote and manage artists, performers, and athletes. The median annual income for these agents was $61,890 in 2009, with the top-earning 25 percent bringing home more than $105,870 in 2009. The best-paying jobs in this field are found in the motion picture sector, with a mean annual wage of $119,550 going to promoters and agents in this niche.
According to the GMAC (Graduate Management Admissions Council) 2013 Corporate Recruiters Survey, US companies show the greatest demand for MBAs worldwide, as 85 percent of firms plan to hire an MBA in 2013, up from 82 percent that did so in 2012.
They report that the greatest demand for recent MBA graduates within the United States will be in the Northeast (92% of companies planning to hire these candidates in 2013 compared with 83% last year). Both the Midwest (89% hiring in 2013 versus 87% in 2012) and the West (85% hiring versus 80% in 2012) continue to see increasing demand for recent MBA talent. While demand for MBAs slipped slightly in the South (78% in 2012 to 77% in 2013), employers in this region reported notable growth in the demand for recent master-level business graduates.
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