Introduction to Multimedia Business PDF

AS2002 INTRODUCTION to MULTIMEDIA BUSINESS Being a Multimedia Artist, it's not only limited to being a graphic designer, photographer, video editor, an...

AS2002 INTRODUCTION to MULTIMEDIA BUSINESS Being a Multimedia Artist, it's not only limited to being a graphic designer, photographer, video editor, animator, content creation, sound designer, or even an artistic director, but one can also profit out of creativity. The mindset should not only to be a multimedia practitioner but a leader who will manage creative practitioners who will also lead soon. In this topic, we will learn about the creative industry and how to make it work. Overview of the Creative Industry The creative industry demands as a requirement, the ability to perform critical thinking and thinking out of the box in order to come up with a profitable business because it is a business model that depends on creativity. Therefore, ideas matter for this kind of industry to work. The Creative Economy Sectors Source: John Howkins, The Creative Economy: How People Make Money from Ideas. 01 Handout 1 *Property of STI  [email protected] Page 1 of 11  AS2002 The Creative Industry in the Philippines The Philippines is rich in terms of creative talents and creative minds. At the moment, Philippine talents need adequate support so that creative industries can participate in economic growth by creating sustainable projects that will drive revenue and provide jobs to talented Filipinos. At the moment, there are some agencies who are supporting and helping out the creative sector to blossom. TESDA is giving training for visual graphics, animation, and illustration, which later on can help someone get employed in the creative sector. Design Center of the Philippines, which helps in cultivating our culture and the creative sector. DTI (Department of Trade and Industry) encourages the promotion of creative industries and improve the quality of creative goods and services in the country. Communication Design Association of the Philippines (CDAP) is a non-profit organization that encourages collaboration of Filipino Communication Designers in the country. They also organize events and partner with other creative groups to create collaboration among Filipino Designers. SWOT Analysis of the Philippine Creative Industry STRENGTH Skilled and educated Advance technologies The presence of highly workforce. available in the country. organised professional There are schools and We are already investing in There are groups who is training institution who hi-end equipment. One supporting the creative offers arts courses to example is, we already have industry in the country and develop the creative skills of 3D printing in the country encourage collaborations. those wants to join the which is the latest in the creative workforce. printing industry. 01 Handout 1 *Property of STI  [email protected] Page 2 of 11  AS2002 WEAKNESS High Production Cost Distribution issues Weak national branding Copyright infringement. We are not strong in Licensing, equipment, There are others who copy featuring tourism and professional fees and travel and sell our creatives’ work inward investment because across distributed and claim it as their own or we always want to adapt the geographical areas. some created their own, practices of international but the concept was exactly countries. copied by the original author without permission. Poor internet connectivity. There some issues with the connection speed of some interned providers which affects the productivity and distribution of works. 01 Handout 1 *Property of STI  [email protected] Page 3 of 11  AS2002 OPPORTUNITIES Nurturing the Opening with new Audience development. entrepreneurial mindset of influences with focus on Championing diverse the creatives. contemporary market and cultural programming. export. There are growing cohort of creative entrepreneurs Learning and getting Supporting small and because of that, mentored with other organizations to produce opportunities exist do experts in the creative new work and reach new develop a more effective industry to help the audience. support environment. creatives in producing Aspiring creative world class productions entrepreneurs can that can will eventually sell network with veteran in and out of the country. creatives to help them build their network and eventually gain clients in the future. 01 Handout 1 *Property of STI  [email protected] Page 4 of 11  AS2002 THREATS Lack of support from the Complacency Lack of investment. government and other private sectors We tend to be stagnant There are some groups, with what skills we sectors or individuals who There are growing cohort know, refusing to is hesitant or do not want of creative entrepreneurs innovate for some to invest in the art sector and because of that, reasons. because: opportunities exists do develop a more effective support environment. 1. They do not find it Aspiring creative essential because they entrepreneurs can rather focus on the network with veteran essential products that is creatives in order to help commonly used by the them build their network people such as food, and eventually gain clients clothes and like. in the future. 2. Slow return of investment. It’s because art is not the primary product that most consumers buy, some don’t patronize it or appreciates it. Business Opportunities in the Creative Industry The creative industry is very broad. There are so many business opportunities to find. There are also opportunities that we can create in the creative sector. Here are some of the opportunities you can find: Photography Studio Video Production Company Graphic Design Studio Animation Studio Printing Business Production House Advertising Company Web Design and Development Video Game Development Art School/Training Center Freelancing Sound Design Company Jobs in the Creative Industry Below are the examples of the potential salary of a creative professional. 01 Handout 1 *Property of STI  [email protected] Page 5 of 11  AS2002 Estimated Title Job Description Salary Visually convey a particular message, idea, or concept. They produce Php 15,000- Graphic visual materials for promotions, advertisements, websites, films, 37,000 per Artist packaging, and other mediums using their knowledge and graphic design month programs. Creates designs and layouts for websites, corporate intranets, email Php 20,000 to communications, logos, and online interfaces. Also designs materials for Php 68,000 per Web Web-based advertising and marketing campaigns. Selects and arranges month Designer photos, type, illustrations, and color. Collaborates with Web Content Writers. Sets the stylistic and artistic direction of advertising and marketing Php 30,000 to Art Director materials and campaigns in print, TV, and on the Internet. Oversees the Php 70,000 per work of designers, illustrators, photographers, and others. month Responsible for the creative strategies and direction of advertising and Php 60,000 to marketing materials and campaigns. Supervises the work of art directors, Php 200,000 Creative copywriters, and designers. Evaluates and ensures the quality of creative per month Director content for new-business and client pitches. Can have a copywriting or art direction background. Conceives and develops original artwork for publications, Php 17,000 to advertisements, and marketing collateral. Creates illustrations for print Php 42,000 per Illustrator and electronic publication using traditional media like pen and ink and month airbrush as well as design and illustration software. Can specialize in technical, architectural, and other kinds of illustrations. Develops concepts and ideas for advertising and marketing materials and Php 24, 000 to campaigns. Writes a wide variety of communications for print, TV, radio, Php 56,000 per Copywriter and the Internet. Generates ideas with other members of the creative month team. Determines the overall structure and flow of information on Web pages Php 20, 000 to User and websites. Ensures that users of websites and applications can Php 83,000 per Interface navigate them logically and intuitively to find the information they need. month Designer Improves the experience of website users. Designs and develops multimedia presentations combining still images, Php 22, 000 to sound, text, video, and animations. Creates presentations for CDs, Php 70,000 per Multi-Media websites, and interactive media, which are used in training, games, month Designer corporate presentations, and sales tools. Has knowledge of graphics and animation software and Web technologies. Oversees the production of media and communication materials. Sets Php 25, 000 to print production schedules; negotiates with and selects vendors; and Php 166,000 Production tracks and manages budgets and costs. Communicates technical per month Manager information to design staff. Attends press checks and gives final approvals. Draws sketches of scenes in a film or video before production begins. Php 18, 000 to Storyboard Creates a series of panels, which include scenes, copy, and the angles of Php 40,000 per Artist shots. Uses a pencil, pen, and ink, and storyboarding software. month 01 Handout 1 *Property of STI  [email protected] Page 6 of 11  AS2002 Post-production technicians who adjust the color, tint, and hue of the Php 25, 000 to Colorist final product. They work alongside the director and the cinematographer Php 75,000 per to ensure the film or show looks exactly how the director wants it to. month Responsible for editing and assembling recorded raw material into a Php 25, 000 to suitable, finished product ready for broadcasting. The material may Php 80,000 per Video Editor include camera footage, dialogue, sound effects, graphics, and special month effects. Source: Paladinstaff.com, Productionbeast.com, and Payscale.com Note: Salary depends on experience and credentials How to Spot a Business Opportunity in a Creative Setting? Customer Insight Successful businesses are built on deep customer insights. It is about creating a solution to the unsolved problems of your prospective consumer. At the end of the day, business is not only about the entrepreneur but the consumers who matter most because, without them, there will be no business to run. Customers are one of the reasons why a business will succeed, of course, if there are no customers, then how can the business earn? Invest in customers first. From there, you can come up with your business concepts already. Some questions to reflect on customer insight: What is the current need of consumers in this community/area/place/country? How can my business resolve that need? What experience do these consumers want? Do they want business transactions faster? Are they comfortable with online transactions than face to face? Can they adapt to this kind of technology? Will it be user friendly for them? Is the business applicable with all age group or their area? Competitor's Check The reason why you need to do a competitor's check is not to imitate what the other company does but for you to improve your products and services. Once the needs of the prospective customer are determined, do a competitor's check. Do an analysis. Check if they offer the same product or what are the products that they don't offer that you can offer. From there, we can start identifying what products can be sold and how to strategize business marketing. 01 Handout 1 *Property of STI  [email protected] Page 7 of 11  AS2002 Ask yourself. What are they doing to grow their business? What are some practices they don't do? What makes their customer come back? Why did they fell in that particular area?. Industry Trends and Insights Keep updated with the latest trends in the industry. Subscribe to publications, join professional organizations, follow industry experts in a particular field. Continuously get educated with the skills that the industry needs. For example, if someone wants to set up a photo and video services then invest in training to gain new skills appropriate with the current trends or follow the page of Mayad which is one of the leading photo and video services in the Philippines to check their latest works and how they do it. The business that must go with the current trends. Go with the current flow of the industry, or else you will not be relevant. Collaborate If you are looking forward to building a successful creative business, then you must let people in. Meaning, you must reach out to people who are experts in the same field as yours. Join the networks of artists. Collaborate with other artists or other creative private groups for a project or an event. For example, you want to build a graphics and printing business then start offering your service within your network as your friends, family, colleagues. Do that invitation design for a friend and let that friend refer you. Small steps as that can open the door for your future business. Widen network and connections because an entrepreneur's idea will not be enough for the business to be successful. Insights, ideas, and counsel of others can be applied to make the business work. Get out of the comfort zone attend events and networks. Use LinkedIn to collaborate with other professional media practitioners. Build relationships in the industry. Find a Mentor It is encouraged to find a mentor who is an expert in the industry. If you connect with the experts in the industry, they might be able to help you out with opportunities or maybe give you opportunities to work with them on a project. 01 Handout 1 *Property of STI  [email protected] Page 8 of 11  AS2002 For example, for building an animation studio, find someone who can give counsel on how to start that kind of business, ask for their suggestions and counsel on how that kind of business should run. Principles of a Successful Creative Business 1. Build Something That You are Passionate About One should put up a business that's inclined with what he/she loves to do. You should know what you want, what do you like and what do you love to do. You can make a profit out of passion. For example, he/she likes to shoot videos and tell stories through it, so he/she puts up a video service company. Some who enjoys what he/she does will be eager to do it no matter how many years have passed. It's easy for someone to manage something that he/she really likes. 2. Level Up the Game We cannot just be stuck with your current knowledge or the present technology that we know because what we know now might no longer be relevant in the next 5 years. Keep on innovating. One should start upgrading first as the business owner then apply it to the company. How to do it? It starts with research and ideation. Research what's in the market, what's in the trend today, what's the current consumer behavior. Second, invest in education. Be educated with the latest skill so that it can be applied in the organization. Invest in the latest technology. For example, if a mirrorless camera is the latest gadget that's being used in videography and photography today, then purchase that latest equipment and let go of the big DSLRs. 3. Be Accountable to Your Clients Clients are the reason why your business earns. Take care of them. Keep updating them on what is going on with the project from time to time. Ask their expectations, what they want to see in the finished work. Be transparent with the prices and explain to them the reason for the rate. Show the breakdown of the charges to them. Create something that will be convenient for the client. For example, propose all the edited photos to be put in one flash drive and create an interactive album for them so they won't have to wait for the printed album for so long. Be punctual in client meetings. 01 Handout 1 *Property of STI  [email protected] Page 9 of 11  AS2002 4. Pay Government Dues Since we mention that "An honest business is a prosperous business," it means paying the right taxes, complying with what's needed for the business permit, being consistent in adhering to business inspections. Sometimes a business fails not because of financial challenges or lack of customers but because of dishonest practices. Do not take shortcuts or give bribe to make things faster. It's better to go through the long process but get the reward after than to get a short cut, and the business will be cut off after. 5. Team Work to Make Dream Work A successful creative business is composed of collaborative and creative minds of the people in the organization. Welcome each others' ideas during the brainstorming session then select what will work for that particular project. Share knowledge with each other. Give or share the necessary knowledge that everyone needs. Learn to agree and disagree with one another. Come up with solutions together. References TEDxTalk. (2015). How to Identify a Business Opportunity? Video]. Retrieved 31 March 2020, from https://www.youtube.com/watch?v=OkNpsVMT84w. TEDxTalk. (2016). How to build a business that lasts 100 years Video]. Retrieved 31 March 2020, from https://www.youtube.com/watch?v=l1fodZNF1GI Bizversity. (2016). How to Spot a Business Opportunity and Make it Happen [Video]. Retrieved 31 March 2020, from https://www.youtube.com/watch?v=UpJutxEnxcY. Fernandez, J. (2016). Jason Magbanua Interview [Video]. De La Salle - College of Saint Benilde, School of Design and Arts. SME Go! feat. Jason Magbanua Digital Video. (2016). Video]. Philippines. Mercado, P., & Tolentino, C. (2018). Creative Industries Policy Brief No. 10 [Ebook] (p. 11). The Arangkada Philippines Project. Retrieved 1 April 2020, from http://www.investphilippines.info/fora2018/wp-content/uploads/2018/11/FINAL-TAPP-Creative-Industries-Policy- Brief.pdf. Fleming, T. The Philippine Creative Economy: Toward a Baseline & Programme [Ebook] (pp. 8-14). British Council. Retrieved 1 April 2020, from https://www.britishcouncil.ph/sites/default/files/tfcc_the_philippine_creative_economy_toward_a_baseline_final.pdf. Sykes, T. (2017). 4 Ways to Spot More Business Opportunities. Entrepreneur Asia Pacific. Retrieved 31 March 2020, from https://www.entrepreneur.com/article/298594. JESNOEWSKI, A. (2018). Four ways to identify more business opportunities. SmartCompany. Retrieved 31 March 2020, from https://www.smartcompany.com.au/startupsmart/advice/business-planning/four-ways-to-identify-more-business-opportunities/. Kruis, J. (2016). OPTIMA DIGITAL - Editing Movies in the Philippines [Video]. Retrieved 11 August 2020, from https://www.youtube.com/watch?v=AmWR9_Qz6mo. 01 Handout 1 *Property of STI  [email protected] Page 10 of 11  AS2002 transferitprints. (2015). Transfer It! @ Bread & Butter (UNTV) [Video]. Retrieved 11 August 2020, from https://www.youtube.com/watch?v=BocVTvsHebw&t=29s. 7th Media Outsource Graphic Design Philippines. (2016). 7th Media Digital: Graphic and Web Design Company in the Philippines (Short Version) [Video]. Retrieved 11 August 2020, from https://www.youtube.com/watch?v=NN7_H7NieGE. ABS-CBN Lifestyle. (2017). TOEI Animation Philippines | Listed Season 2 [Video]. Retrieved 11 August 2020, from https://www.youtube.com/watch?v=Qw37UQX1-n0&t=113s. 01 Handout 1 *Property of STI  [email protected] Page 11 of 11