Now Streaming: Entertainment Media Consumption
April 13 2015 - 8:30AM
Business Wire
CIT Executive Spotlight Focuses on Financing
the Entertainment Industry
A major challenge and opportunity for the film industry is
managing the dynamic environment of changing consumer viewing
habits. Another challenge is new distribution platforms within the
traditional distribution framework of film, such as in the theatre,
on pay TV or through home entertainment systems. As the lines are
blurring, there is more competition for consumers’ time, whether it
be long- or short-form programming, gaming, social media or a
myriad of other content. One thing is clear: Being relevant and
available when and how the end-user wants it is crucial. These and
other observations are made by Wade Layton, Group Head and Managing
Director, CIT Corporate Finance, Entertainment, Gaming, Sports and
Media, a division of CIT Group Inc. (NYSE:CIT) cit.com, a leading
provider of commercial lending and leasing services. Layton offers
an overview of the trends and challenges facing the U.S. film
industry in “Now Streaming: Entertainment Media Consumption”
(cit.com/layton), the latest piece of market intelligence in the
CIT Executive Spotlight (cit.com/executivespotlight) series of
in-depth executive Q&As.
“The film and television industry is going through rapid change
due to the ever-changing consumption habits of consumers,” said
Layton. “Evolving technology is changing the way consumers watch
movies and television, as offerings such as Netflix, Hulu and
Amazon have become mainstream, and many new platforms are being
launched by incumbent media companies. Short-form subject matter
developed for sites such as YouTube, Maker Studios and Fullscreen
has become a vibrant and growing form of content from a
time-watched perspective.”
According to Layton, the following factors are also impacting
the entertainment industry:
- International markets influence film
production and distribution: International markets continue to
be an important contributor to the ultimate profitability of widely
released films. Markets, such as China, are adding theaters rapidly
and are relatively under-penetrated.
- Technology trends are changing the
way we watch movies and television programming: Developments in
digital, cloud-based and physical storage, mobile and wireless
broadband are among the major technological trends that have
transformed the way content is accessed.
- Personal viewing habits are
different today: Younger viewers consume media in much
different ways than their parents do, and most people’s viewing
habits are different than they were a few years ago. Mobile has
huge upside in that viewing is no longer relegated to an in-home
activity, and even within the home, viewing is not centered on the
television screen. Similarly, as better user interfaces and more
robust offerings are developed, video-on-demand and TV Everywhere
should benefit.
- Kickstarter is changing the way
lower budget, independent films are financed: Kickstarter has
become an increasingly important funding vehicle for small,
independent films, typically financed by individuals. Over the last
few years, it has helped finance more than 85 films that were
accepted by Sundance.
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About CIT Corporate Finance
CIT Corporate Finance provides lending, leasing and other
financial and advisory services to the middle market with a focus
on specific industries, including: Aerospace & Defense,
Business Services, Communications, Energy, Entertainment, Gaming,
Healthcare, Industrials, Information Services & Technology,
Restaurants, Retail, Sports & Media and Transportation.
www.cit.com/entertainment
About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company
with more than $35 billion in financing and leasing assets. It
provides financing, leasing and advisory services to its clients
and their customers across more than 30 industries. CIT maintains
leadership positions in middle market lending, factoring, retail
and equipment finance, as well as aerospace, equipment and rail
leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC),
BankOnCIT.com, offers a variety of savings options designed to help
customers achieve their financial goals. cit.com
CIT MEDIA RELATIONS:C. Curtis Ritter, 973-740-5390Senior
Vice President of Corporate CommunicationsCurt.Ritter@cit.comorMatt
Klein, 973-597-2020Vice President, Media
RelationsMatt.Klein@cit.comorCIT INVESTOR RELATIONS:Barbara
Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
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