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Digital technology has transformed almost every aspect of the production industry. But one area that doesn’t get talked about as much as streaming platforms or advances in VFX technology is the way tech has changed the way money moves across a production. Collectively, these financial technologies are known as fintech.
The entertainment industry stands at the forefront of this shift. Traditional production offices and finance departments, once bogged down by inefficiencies, are now witnessing a fintech renaissance—with profound and far-reaching impacts on efficiency, transparency, and collaboration.
Fragmented production workflows affect both producers and production accountants. Fintech solutions stand uniquely positioned to address these issues, offering tools for seamless financial transactions, consolidated workflows, and real-time financial tracking and management.
Disjointed software not only hinders productivity, it also compromises transparency, accountability, and importantly, security. So fintech solutions are about more than elegant interfaces and seamless financial management—they’re also about keeping the production’s sensitive financial data safe.
Venture capitalists have already recognized the transformative potential of entertainment fintech, increasingly investing in startups that promise to transform the way money moves through productions. Says Jeffrey Katzenberg, co-founder of Hollywood Pictures, DreamWorks Pictures and the VC firm WndrCo,
“It’s time we bring production financial services into the 21st century.”
Simply put, the opportunity to transform the financial side of the production industry is out there, and venture capital firms have started to take notice. The allure for VCs lies in the untapped potential for fintech to solve problems that have plagued the entertainment sector for decades—issues like manual data entry, errors in calculations, and lack of real-time visibility into project financials.
And given that the global entertainment sector represents a two-trillion-dollar market, any opportunity to make operations more efficient has the potential for massive upside. But how should VCs choose which fintech firms really have the potential to bring transformative change?
Platforms like Wrapbook stand at the vanguard of the fintech revolution in production. Says Katzenberg,
“We need a technology solution that will address the increasing complexities of production onboarding, pay, and insuring cast and crew…I believe that Wrapbook delivers.”
Of course, Katzenberg isn’t the only investor that’s backing Wrapbook, either. Michael Ovitz, co-founder of CAA has also backed the company, as have Institutional Technology Investors, Tiger Global, and Andreessen Horowitz.
Kristina Shen, General Partner at Andreessen Horowitz says that the firm’s decision to invest in Wrapbook was driven by the startup’s innovative approach to solving the entertainment industry's financial challenges—as opposed to other fintech solutions that aren’t optimized for the peculiarities of the industry. Says Shen,
“The Wrapbook team has prior experience in both the entertainment industry and in software businesses. They are uniquely positioned to understand how to leverage software to address the pain points in the industry."
From automating payroll processes, to enhancing regulatory compliance, to providing real-time financial visibility, Wrapbook is setting new standards for efficiency and transparency in the production industry. Says Richard Kerby, co-founder of Equal Ventures,
“Customers love that the Wrapbook team has combined its deep knowledge of the creative industry with an impressive technical stack to completely reimagine the tedious process of setting up distributed teams.”
That wellspring of expertise is not only why Wrapbook provides unmatched accuracy for production accountants, CFOs, and other financial managers—it’s also what makes the platform so easy to use. Key benefits include:
Real-time access to financial data empowers decision-makers, providing a clear picture of a project's financial health and facilitating more informed management decisions.
As productions grow in scope and scale, technology allows for seamless expansion, adapting to the needs of both small indie projects and large-scale productions.
Automated processes reduce the time spent on administrative tasks.
With the complex landscape of legal and tax requirements across different states and countries, a digital platform ensures that productions are compliant, reducing the risk of costly errors.
With SOC 1 & SOC 2 Type 2 compliance and strict access controls for sensitive information, Wrapbook manages data in a controlled environment, one that’s audited to meet the rigorous standards of the American Institute of CPAs (AICPA). Wrapbook also logs all activity, providing a transparent audit trail, and ensuring constant vigilance over your financial information.
Our partnership with JP Morgan Chase significantly fortifies our platform's security and reliability, offering peace of mind for our users.
Our workers’ compensation policy takes the hassle out of production insurance, ensuring your project—and your workers—are protected in case of an accident.
Wrapbook is about more than just operational enhancements. Our vision also imagines a world where fintech companies are steadfast allies in the ever-changing world of production—partners in payroll and collaborators in creativity.
The fintech revolution in entertainment is already underway. But as Wrapbook strives to be a dependable partner, we’re less invested in keeping up with trends, and more keen on setting new standards and exploring uncharted territories for the betterment of the entire industry.
We're proud of the progress we've made, we're even more excited about what lies ahead. The interest from venture capitalists and the industry at large is a clear sign: the potential for innovation is vast, and the opportunities to make a significant impact are many.
As we look forward, we’re committed to moving steadily towards a future where the entire entertainment industry is more connected, efficient, and innovative.
At Wrapbook, we pride ourselves on providing outstanding free resources to producers and their crews, but this post is for informational purposes only as of the date above. The content on our website is not intended to provide and should not be relied on for legal, accounting, or tax advice. You should consult with your own legal, accounting, or tax advisors to determine how this general information may apply to your specific circumstances.
The Wrapbook Team consists of individuals who are thrilled about building modern software tools for creators. We’re a team of compassionate and curious people dedicated to solving complex problems with sophisticated solutions. You can find us across the U.S. and Canada.
