Viewers are consuming content at a faster rate, switching across multiple providers and viewing media through an array of different delivery options. A true content revolution is challenging the way traditional networks think, and requiring them to evolve with industry demands. Efficient financial systems and processes are a must. Simply put, as more content becomes available to end consumers, companies need to understand what the financial impact is for that data. PwC’s global E&M practice was able to help tackle these challenges for a television production company to build a scalable IT structure and Oracle Cloud application model, obtaining greater visibility and insight into current and forecasted financials.
Across E&M, production companies are under enhanced scrutiny for their financial transactions and network reporting. This complexity only increases with frequent global mergers and acquisitions spread across a number of legal entities and financial transactions. A television production company was facing similar challenges. As their business grew, they were strained with the task of addressing how to piece together smaller segregated ERP and production accounting systems with insufficient financial visibility into their tv productions.
The challenge was to leverage an ERP cloud platform that could provide a single technical application platform to meet their finance and accounting needs while providing greater financial transparency, and enabling better results for decision making.
This television production company chose to work with PwC because of our ability to provide audit, tax, M&A and advisory guidance to drive their company through a business and technology transformation and stay ahead of these industry challenges. Our Entertainment and Media Model System is a combination of just these things - it is our framework which offers a holistic approach to embrace financial modernization through enabling Oracle solutions.
Leveraging Oracle Cloud technologies, PwC’s Entertainment and Media Model System uses tools and accelerators to help our television production clients strategically identify what processes to focus on to modernize their business. Within weeks our framework helps by providing a working prototype to help clients visualize what the end of transformational journey could look like.
PwC was able to help our client move to an integrated accounting platform that addressed their corporate and tv production accounting needs while providing them a simplified IT infrastructure.
We helped guide our client through an important stage of growth and unify their independently operating production companies within a single Oracle system. The integration of their core production, payroll and financial processes within Oracle sustains their long-term content production as well as developing new business across different media platforms.
Throughout the transformational journey, PwC applied our Predictable Value approach to focus on our client’s desired business outcomes by enabling Oracle technologies such as:
Value: enhanced financial results from reporting capabilities allowed better decision making for tv productions which reduced show costs and increased accuracy in understanding revenue streams
Speed: increased efficiency of financial book closing by a significant percentage, and streamlined several manual reconciliation activities associated with production and corporate ledgers
Focus: bringing together the client’s corporate and production accounting simplified end to end financial visibility
Agility: scalable IT infrastructure and Oracle applications facilitate processing of increased volumes of financial data especially through M&A complexities
Partner, Global and US Oracle Alliance Leader and US Oracle Practice Leader, PwC US
Scott D. Bailey
Global Oracle Strategy Leader, PwC US