September 2016 - Students€¦ · September 2016 Jessica Katz Melissa Nowaczyk . Senior Associate...
Transcript of September 2016 - Students€¦ · September 2016 Jessica Katz Melissa Nowaczyk . Senior Associate...
Industry Chat: Media September 2016
Jessica Katz Melissa Nowaczyk
Senior Associate Director Recruiting Relationship Manager
MBA Career Management MBA Career Management
Agenda • Working with MBACM
• Media Industry ─ Introductory Overview
─ Trends
─ Functions, Roles and Internships
─ Company Relationships
─ Career Pathways
─ Is M&E for you?
• Hiring Data ─ Offers, Compensation and Sponsorship
─ Career Switching
• The Job Search ─ Recruiting Strategy and Timeline
─ Wharton & MBACM Resources – Clubs, Treks, Conferences
─ Next Steps
• Q & A
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MBA Career Management Media Team
Career Advice
• Self-assessment & decision making
• Networking
• Industry Insight
• Resumes, Cover Letter & Interview Prep
Corporate Relationships
• Develop employer outreach strategy with RRM
Programming
• Develop programs for students interested in M&E
JESSICA KATZ SENIOR ASSOCIATE DIRECTOR
Corporate Relationships
• Strategize best recruiting approach for variety of employers
• Co-manage employer relationships with Career Advisor
• Manage recruiting events
Student Support
• Assist students with logistics of on-campus interview process, job board postings, etc.
MELISSA NOWACZYK RECRUITING RELATIONSHIP MANAGER
Collaborate with professional clubs and research centers, including M&E Club and the Sports Business Club
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Abby Stewart, WG17 Undergraduate Institution: Princeton University Pre-Wharton: Accenture
• Career Switcher • Industry Diligence and Digests • MBACM Partnership • M&E Club Leadership • Broad M&E interest
Case Example: How Can We Help?
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Industry Overview
Media Industry Subsectors
IB
Consulting
PE
Key: M&E Team | Other Teams
Digital Content
Distributors
Traditional Print Media
Networks Cable
Channels
M&E
Sports Leagues Teams
Studios Movie
TV
Music
Talent Agencies
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Recent Trends in M&E
Digital disruption • Cases: Hulu vs. HBO vs. Netflix vs. Amazon Instant Video • Cases: iTunes, Pandora, Spotify • Studios are developing new monetization models
─ Shrinking home entertainment market
─ E.g., Release film and VOD on the same day • Direct to consumer relationships – the challenge of cable International film market strategies: China and emerging economies Sports: Increased hiring of MBAs Music: Live music events Virtual Reality: Star Wars 360 video on mobile phone
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Keeping up with trends…
Deadline –Hollywood and media news & analysis
The Hollywood Reporter – Online and print trade magazine
Variety – Online entertainment trade magazine
Business Insider – The Wire – Blog focused on media and business
Billboard – A well-respected trade magazine focused on music
Box Office Mojo – news, analysis and comprehensive box office tracking
Mediabistro – daily digest every day “Morning Media Newsfeed”
Recode – news, reviews and analysis in tech and media
Redef – interest remixes for industries including media and sports
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Industry Terms and Lingo
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SVoD
Tent-pole
Unbundling
Silicon Beach
Green-lighting
Subscription Video on Demand – subscription gives you unlimited access
Flag-ship, block buster programing with ancillary sales such as toys
Cable offers becoming a la carte
Westside region of LA with growing start up ecosystem
Go-ahead to finance a script into production
Key Company Relationships
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Roles in M&E
Business Development
Corporate Development
Corporate Strategy
Responsibilities: Partnerships– identify new partners, negotiate deals; expand relationships with current partners Companies: Comcast, Sony Music, Sony Pictures, Warner Bros., Legendary, Disney
Responsibilities: M&A – identify target acquisitions or investments; oversee deals Companies: Comcast, HBO, Lionsgate, Reuters
Responsibilities: Strategic Planning at the corporate or business unit level; understand and frame business problems digital and physical Companies: Glideslope, NBA, NY Times, NBCU, Viacom, WB
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Roles in M&E
Product/Brand Marketing
Associate (Investing)
Other Functions
Responsibilities: Define markets and growth drivers Companies: Bloomberg, Comcast, Conde Nast, NFL. NBCU, Disney
Responsibilities: Investment – identification, analysis, execution of deals Companies: Media Rights Capital, Chernin Group, Raine Group, Evolution Media Capital
• Content Acquisition • Corporate Finance • Digital Distribution • Product Manager • Sales
• Rotational Programs • Biz Ops • Supply Chain
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Sample M&E Internships Disney ABC Television Group, Business Development Evaluated digital media potential partnerships and branded content opportunities to be included in strategic plan
Product Management MBA Intern Evaluated new industry verticals, conducted financial analyses as required by product managers, and analyzed competitive landscape
MBA Intern, Global Strategy Group Contributed to 2016-2017 NBA season scheduling efforts by analyzing constraints to optimize key performance indicators such as back-to-back games and trip spacing for teams. Spearheaded youth fan initiative, seeking to understand how basketball participation and other touchpoints influence fan conversion by analyzing digital and social media data in international communities
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Young Alumni in Media and Sports
Ari Tan – Sr. Director, Strategy & Business Development – Content Distribution Megan Lerchenmuller- Director, Revenue Strategy Jenn Doran – Manager, Corporate Finance Meg Maro – Director, Corporate Brand Management Curtis Johnson- Associate, Brand Development Meredith Hassett- Rotational Leadership Development Program Associate Inna Rudsky – Sr. Manager, Strategy & Business Development Adam Herr – Head of Digital Distribution, LATAM and Canada
Studios
Digital Distribution
Ryan Romer- Senior Manager, Content Acquisition
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Young Alumni in Media and Sports – cont.
Casey Brett - Manager, Business Development Akshay Khanna – Vice President of Strategy Jeehae Lee – Director of Business Strategy Sean Griffin – Consultant, LA Office (Former, now at Disney) Stephen Matthews – Manager Aaron Telch – Director, Strategy and Business Development
Sports
Professional Services
Venture Capital
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Career Pathways CONSULTING AND MEDIA BANKING AND MEDIA MEDIA
Abhijay Prakash WG05 Focus Features (Universal) Chief Operating Officer Universal Pictures EVP, Business Development and Strategic Planning BCG (Media Practice) Nickelodeon & Universal MBA Intern Artisan Entertainment
Jay Levine WG07 Warner Bros SVP, Business and Strategic Planning, WB TV Disney MBA Intern ESPN Bear Stearns
Courteney Monroe WG97 National Geographic CEO HBO Consumer Marketing American Express Marketing Manager BBDO
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Is Media for You?
Varies widely by position
• M&A
• BD / Negotiation
• Strategy
• Financial analysis
• Marketing
SKILLS
Varies widely by position
• Consulting
• Investment Bank
• M&E
• Technology
• Digital
• Consumer Products
• Advertising
• Marketing and/or brand
management
EXPERIENCE
Applies to all positions
• Passion for M&E
• Relationship skills,
sensitive to “ego”
• Communication
• Patience in studio
culture, promotions are
slow
• High risk profile to wait
for the offer
SOFT SKILLS
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Hiring Data
Mature & Enterprise Recruiting
• Established employer relationships • Annual, steady demand • Extend multiple offers/yield multiple
students • Understand MBA recruiting value
prop
MATURE
• Developing employer relationships • Inconsistent demand year-to-year • Just-in-time hiring • Less clear on MBA recruiting value
prop
ENTERPRISE
Consulting, Banking, Sales & Trading, CPG Private Equity, Venture Capital, Media, Retail Social Impact, Start-Ups
Healthcare, Technology, Energy, Hedge Funds, Real Estate
Recruiting Strategy/Timing
Wharton Strategy
Student Strategy
• Employer Info Sessions, Employer Networking Night, Sponsorships, On Campus Recruiting
• Heavy Fall/Winter Recruiting
• Postings, resume book, networking • Throughout year; late in year/summer offers
Wharton Strategy
• Differentiate vs. other schools • Build market share • Find new ways for company engagement
• Develop compelling Wharton value prop • Expand/maintain vibrant Wharton network • Manage outreach with clubs/partners
• Prepare for EIS, Interviews, how to decide between firms, etc
• Networking-intensive • Alumni-intensive
Student Strategy
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Mature & Enterprise Recruiting in Media
• Established employer relationships • Annual, steady demand • Extend multiple offers/yield multiple
students • Understand MBA recruiting value
prop
MATURE
• Developing employer relationships • Inconsistent demand year-to-year • Just-in-time hiring • Less clear on MBA recruiting value
prop
ENTERPRISE
Media firms generally use a later-timed enterprise
searches.
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Two Strategies; One Search
Mature
• Employer Information Sessions
• Networking Expo • Coffee Chats • On-Campus Interviews
Enterprise
• Networking Connections • Job Postings • Wharton Community/Alumni • Informational Meetings • Treks, NYC and SF Expos • Digital Brand
Conduct a well-prioritized and balanced search to ensure recruiting success
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Accepted Internship Offers *Preliminary data as of 7/2/16
0.00
1.00
2.00
3.00
4.00
5.00
6.00
2008 2009 2010 2011 2012 2013 2014 2015 2016
% of all accepted offers
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Timing of Media & Entertainment Offers *Preliminary data as of 7/6/16
0
2
4
6
8
10
12
14
Internship Offer Full Time Offer
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Companies That Made Internship Offers in 2016 *Preliminary Data as of 7/1/16
Media & Entertainment Companies
A+E Networks American Airlines, Inc. Comcast Cable Comcast Corporation Disney ABC Television Group Funny or Die Hilton Worldwide Jetblue Lionsgate Live Nation, Inc. National Basketball Association
NBC Universal, Inc. Princess Cruises Sony Pictures Entertainment The Chernin Group The Garces Group The Raine Group Thomson Reuters TripAdvisor Volaris Washington Nationals Wyndham Worldwide
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Source of Media & Entertainment Internship Offers: Class of 2017 *Preliminary data as of 7/2/16
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Pre-MBA Experience Intern: Media & Entertainment
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Career Switching
94% 94%
85%
63%
46%
71%
48%
65% 60%
86%
63%
80% 87%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
% Intern Accepted Offers – Reported “Industry Change”
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Salary Data: Accepted M&E Offers 2016
0
20000
40000
60000
80000
100000
120000
140000
Full-time Intern
Base Salary annual
monthly
Median Salaries Full-time (WG16) • 75%: $140,000 • 50%: $125,000 • 25%: $115,000 Internship (WG 17) • 75%: $7,800 • 50%: $7,200 • 25%: $3,500
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Wharton MBA Alumni Survey 2014 - Total Compensation Median (25th percentile/75th percentile)
2010-2014 2005-2009
Media n=81
$144,500 ($109,437/$181,250)
D 26
$250,000 ($164,750/$336,000)
VP 16
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The M&E Job Search
M&E Recruiting: Timing of Key Events August September October November December January
Work on your Resume
MBACM Resume
Book 9/18 (feedback)
EISs begin: 10/24
FY Net. Expo
11/7
EISs cont.
Sports Biz Trek NY
11/4
Submit Applications
for FRP Interviews
IPS
M&E LA Trek and Power
Dinner
FRP: 1/19-1/27
February March April May June July-Sept.
Interviews
Receive Offer
M&E NY Trek
Interviews
Receive Offer
Sloan Sports Analytics
Conference
NY Expo
Interviews
Receive Offer
MBA M&E Conference
Report your offers
Start Internship
Network
Network
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Wharton Resources
M&E East Coast • New York • Scripps, ESPN, Buzzfeed,
Sony Music, Showtime
M&E West Coast • Los Angeles • Disney, WB, Lionsgate,
Sony Pictures, Hulu, MRC, EMC, Netflix
NY Sports Business Trek
CAREER TREKS
• Media Industry Page • Resume Book Training • Developing a Great Pitch • Navigating Enterprise
Recruiting • Interview Prep Session • Power Dinner
MBACM
M&E Club Sports Business Club
MBA MEC Conference • Spring • New York Sloan Sports Analytics Conference • March 2017
Lunch and Learns Local sports team outings
CLUBS
Get Involved: • Join 63 Current M&E Club Members • Join 85 Sports Biz Club Members • 1st Year Director Roles • Conference Planning • Annual Treks: New York, Los Angeles
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Tactical Next Steps Next Step How to… Resource… Company List (n=15)
• A’s: 5 • B’s: 5 • C’s: 5
• Offer Directory • CareerPathEmployersNotes
(memos) • CareerPath Jobs (& archive)
Research
• Master document for each “A” company
• Sample on MBACM site • Trades • CareerPath notes • 10-Ks/Analyst Reports • Networking
Networking • 1Ys & 2Ys (talk now) • Alumni (talk in a few
weeks, make list now)
• Ask questions about content, customers, trends
• Take notes
• Offer Directory • SPIKE Community • Resume Book • LinkedIn
Resume • ActionResults • Add “M&E Club”
• MBACM siteResume
M&E Programs • Details in weekly email (CareerPath profile)
• Alumni Power Dinner • Interview Prep.
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MBACM Site Research Tools Research by Industry Media and Entertainment Industries
Media Industry Page
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Next Steps and Resources • Online
─ Set up your CP profile – include Media to receive emails
─ Make your company list
─ Create Job Search Agent
─ Use offer directory and talk to 2Ys
─ Use SPIKE + LinkedIn to identify, but not yet reach out to Alumni
─ Use the M&E Industry Page to start your research
• Workshops
─ Resume Book Training
─ Developing a Great Pitch
• One on one advising
─ Set up an appointment with Jessica via MBACM website
─ Pop in for office hours
Read emails from MBACM for important information on upcoming events and deadlines
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Questions?
Contact Information Wharton MBA Career Management 50 McNeil Building, 3718 Locust Walk, 215-898-4383
Website: http://mbacareers.wharton.upenn.edu/student General Email Inquires: [email protected]
MBACM M&E Team Jessica Katz, Career Advisor [email protected]
Melissa Nowaczyk, Recruiting Relationship Manager [email protected]
M&E Club Presidents
Ian Kobernick: [email protected] Willie Navarre: [email protected]
Sports Biz Club Presidents
Cory Rosenfield: [email protected] Justin Waite: [email protected]
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Follow MBA Career Management:
@WhartonMBACM
WhartonMBACM
FAQ M&E Recruiting
1. Can I do two internships? •Sometimes •Cautionary tales: low performance, no offers •Recommend only if one is long (~10 wks) and one is short (~5wks)
2. Can I work in media, if I do not have a media background? •Yes •57% FT offer in M&E were new to the industry
3. Can I recruit in media and another industry? •Yes, it is manageable
4. Anything else I should know? •For gaming info please see Tech team
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Timing of Internship Offers: Class of 2017
0
50
100
150
200
250
300
350
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Timing of Full-Time Offers: Class of 2016
0
50
100
150
200
250
300
350
400
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Career Switching
82% 79%
67%
20%
40%
54% 53%
18%
56% 57%
67%
83% 79%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
% FT Accepted Offers – Reported “Industry Change”
MBA Career Management
Source of Internship Offers: Class of 2017 *Preliminary data as of 7/2/16
55%
16%
5%
17%
4% 1% 1% 1%
Wharton Job - On Campus Recruiting
Wharton Job - Job Posting
Other
Personal Networking Connections
Wharton Alumni Contact
Career Fair
Trek Networking
MBA Career Management Contact
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Internship Salary Breakdown: Class of 2017 *Preliminary Data as of 7/1/16
Media & Entertainment Number Accepted 23 Number Accepted (with salary data)
23
% of Accepted 3.5% Monthly Salary Range $625-$12,500 25% Monthly Salary $3,467 Median Monthly Salary $7,200 75% Monthly Salary $7,800 Number with Sign-On Bonus
0
Median Sign-On Bonus 0
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FT Salary Breakdown: Class of 2016 *Preliminary Data as of 7/1/16
Media & Entertainment Number Accepted 9 Number Accepted (with salary data)
7
% of Accepted 1.62% Annual Salary Range $110,000-$150,000 25% Annual Salary $115,000 Median Annual Salary $125,000 75% Annual Salary $140,000 Number with Sign-On Bonus
1
Median Sign-On Bonus $50,000
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Industry change from 1st to 2nd place of employment 2nd Place of Employment
1st place of Employment
Consulting and professional services n=463
Consumer goods/Retail n=282
Finance n=822
Government, Education, and Nonprofit n=176
Health, Biomedical, and Pharmaceuticals n=188
Manufacturing, Energy, and Construction n=233
Technology, Media and Telecoms n=399
Other n=370
Consulting and professional services n=752
221 (29%)
68 (9%)
130 (17%)
43 (6%)
54 (7%)
61 (8%)
111 (15%)
64 (9%)
Consumer goods/Retail n=252
36 (14%)
127 (50%)
17 (7%)
8 (3%)
6 (2%)
13 (5%)
25 (10%)
20 (8%)
Finance n=835
67 (8%)
26 (3%)
570 (68%)
21 (3%)
19 (2%)
31 (4%)
36 (4%)
65 (8%)
Government, Education, and Nonprofit n=95
15 (16%)
0 (0%)
11 (12%)
54 (57%)
1 (1%)
3 (3%)
5 (5%)
6 (6%)
Health, Biomedical, and Pharmaceuticals n=152
24 (16%)
2 (1%)
6 (4%)
9 (6%)
85 (56%)
7 (5%)
10 (7%)
9 (6%)
Manufacturing, Energy, and Construction n=236
28 (12%)
18 (8%)
35 (15%)
12 (5%)
9 (4%)
89 (38%)
21 (9%)
24 (10%)
Technology, Media and Telecoms n=306
40 (13%)
23 (8%)
17 (6%)
13 (4%)
5 (2%)
10 (3%)
178 (58%)
20 (7%)
Other n=305
32 (11%)
18 (6%)
36 (12%)
16 (5%)
9 (3%)
19 (6%)
13 (4%)
162 (53%)
Wharton MBA Alumni Survey 2014 – Industry Changes
Optional – exit opportunit
MBA Career Management
Consulting 11%
Travel & Hospitality 11%
Investment Banking/Brokerage
34%
Media & Entertainment 22%
Social Impact 11%
Venture Capital 11%
Pre-MBA Experience: Media & Entertainment
MBA Career Management