Post-strike film & TV expenses: Navigating the financial aftermath
Article
Euan Robb
The 2023 WGA (Writer's Guild of America) and SAG-AFTRA (The Screen Actors Guild-American Federation of Television and Radio Artists) strikes have left an undeniable mark on the global entertainment industry, affecting not only timelines but also budgets
As the UK film and television sectors gear up post-strike, managing expenses is critical. Understanding these post-strike financial challenges is essential, and finding solutions to streamline expenses is imperative for long-term success.
Increased production costs: Delays mean increased costs. Renting locations, hiring crew, and obtaining permits might now come at a higher price tag due to the backlog and demand.
Contractual obligations: Contracts made pre-strike might require renegotiation, leading to potential escalations in costs.
Supply chain price surges: As everyone rushes to resume work, demand might surpass supply, leading to price hikes in equipment rentals, props, and other production essentials.
Tackling the financial challenges
1. Reassess and prioritise:
Review your budget meticulously.
Prioritise essential expenses and consider where cost-cutting can be applied without compromising quality.
2. Centralise expense management:
Use unified platforms to spend, monitor, and manage expenses.
Real-time tracking can help in identifying and preventing overspends.
3. Explore financing options:
Look for grants, loans, or other financial support available specifically for post-strike productions.
Equals Money: Production expense management in post-strike times
The importance of efficient financial management cannot be overstated in these trying times. Enter Equals Money's prepaid cards: the key to streamlined production expenses.
Real-time expense tracking: Monitor each penny spent with real-time transaction data, ensuring full visibility and transparency over production budgets.
Simplified budgeting: Allocate specific budgets to different departments, production phases, or locations and set custom spending and transaction limits for each individual card.
Easy reconciliation: Consolidate all expenses in a single place with receipt capture available in app for easy reconciliation at the end of the production.
Centralised spending: Get a unified view of production-wide expenses and spending, aiding in effective financial analysis and future budgeting
Cashless productions: Remove the security and logistical difficulties of using cash on location with prepaid cards that can be used wherever Mastercard is accepted.
Multi-currency: With Equals Money cards that can spend across 20 different major currencies, securely spend on location, no matter where you're shooting
Conclusion
While the strikes of 2023 brought about significant challenges for the UK's film and TV industry, it also presented an opportunity: to evolve and adapt. By embracing efficient financial tools like Equals Money's prepaid cards, production houses can not only navigate post-strike expenses but also lay the groundwork for a more financially resilient future.
