Lumanu reposted this
Paul and I love learning from leaders who are shaping the future of advertising and entertainment. Recently, Paul sat down with Nicholas Wagner, a finance leader at Warner Music Group and WME | William Morris Endeavor. Some of my favorite quotes from Nick that shed light on the role of Finance in the Creator Economy: 💬 At the end of the day, I believe Finance needs to be a business enabler. What I think about is how can Finance improve our processes so that the business can move at their speed in order to meet or exceed their targets 💬 Receiving, reviewing, and approving creator invoices is time-consuming. Marketing lacks access to finance systems and has limited control over when creator payments are sent. Multiple employees touching payments without clear oversight exacerbates this issue. 💬 AP tools were built for B2B transactions between AP and AR functions across companies. They work well for traditional supplier relationships but start to become cumbersome when supporting large numbers of creators due to manual support required to assist with issues during onboarding and questions about payment status 💬 When any issue happens from vendor onboarding to late payments to receiving 1099s, creators are frustrated and take it out on their marketing point of contact. Resolving issues takes time and involves multiple people across both marketing and finance. #MarketingEfficiency #influencermarketing #CreatorEconomy