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

MBA Career Management

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

MBA Career Management

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?

MBA Career Management

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

MBA Career Management

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

MBA Career Management

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

MBA Career Management

Industry Terms and Lingo

MBA Career Management

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

MBA Career Management

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

MBA Career Management

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

MBA Career Management

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

MBA Career Management

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

MBA Career Management

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

MBA Career Management

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

MBA Career Management

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

MBA Career Management

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

MBA Career Management

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.

MBA Career Management

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

MBA Career Management

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

MBA Career Management

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

MBA Career Management

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

MBA Career Management

Source of Media & Entertainment Internship Offers: Class of 2017 *Preliminary data as of 7/2/16

MBA Career Management

Pre-MBA Experience Intern: Media & Entertainment

MBA Career Management

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”

MBA Career Management

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

MBA Career Management

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

MBA Career Management

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

MBA Career Management

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

MBA Career Management

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.

MBA Career Management

MBACM Site Research Tools Research by Industry Media and Entertainment Industries

Media Industry Page

MBA Career Management

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

MBA Career Management

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: mbacareers@wharton.upenn.edu

MBACM M&E Team Jessica Katz, Career Advisor jeskatz@wharton.upenn.edu

Melissa Nowaczyk, Recruiting Relationship Manager mnowa@wharton.upenn.edu

M&E Club Presidents

Ian Kobernick: iank@wharton.upenn.edu Willie Navarre: navarrew@wharton.upenn.edu

Sports Biz Club Presidents

Cory Rosenfield: coryro@wharton.upenn.edu Justin Waite: jwaite@wharton.upenn.edu

MBA Career Management

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

MBA Career Management

Timing of Internship Offers: Class of 2017

0

50

100

150

200

250

300

350

MBA Career Management

Timing of Full-Time Offers: Class of 2016

0

50

100

150

200

250

300

350

400

MBA Career Management

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

MBA Career Management

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

MBA Career Management

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

MBA Career Management

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