Why is my Agency doing that?
Alex is the Managing Director of major UK talent agency InterTalent. He represents his clients alongside overseeing the agency's creative strategy, day-to-day operations & acquisitions.
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🤔 Why is my Agency doing that?
In an ever-competitive landscape, why would a Talent Agency diversify rather than specialise?
Stepping outside of your comfort zone to try something new will always garner positive and negative reactions. It’s a funny thing, and you can never please everyone. For example, being a Talent Agent and writing this blog. A lot of love, thankfully, but I’m sure a few raised eyebrows too. Ultimately, you have to commit to your reasons and be decisive.
At InterTalent, we pride ourselves on delivering a full ‘360 management’ service and we have spent the last few years making sure we are a multi-hyphenate business that is relevant to today’s world. This set-up makes us perfect for many clients (and potential clients) because we have 6 divisions, a production company, a brand-new Central London office and can offer multiple possibilities others can’t. It doesn’t make us right and others wrong, or better or worse, but we have a very clear vision of how we see talent representation in 2023 and how the model will continue to evolve.
Don’t get me wrong, there are some really cool boutique agencies out there that have a specific area of expertise, focus on it and do really well. It’s bloody hard to build a talent agency from a standing start and to create success within a specific area is brilliant… but if you really want your Agency to move the dial, to be able to offer your clients everything that they need to thrive (and not leave) and to be competitive against more and more agencies that are forming all the time then focusing on just one area of the industry is very exposing.
Today, I’m going to tell you why I believe a talent agency should always be looking to expand & diversify and why doing so doesn’t mean that the quality of the service is affected or that it can’t look after its clients just as brilliantly as it always has.
Let’s go! ⬇️
Some Agencies say they’re in the Unscripted business, some say they’re in the Scripted business, others in the Comedy or Digital etc. I don’t see it like that. I think that’s a misconception. To me, we’re all in the same business no matter who we represent. We’re in the CONTENT BUSINESS. The AUDIENCE BUSINESS. The ENTERTAINMENT BUSINESS. Everyone who is considered talented enough to have an Agent, no matter their skill set, is a storyteller. Some tell stories through drama, some through news & current affairs, some through documentaries, some through their social media and so on. There are so many ways to distribute content, that those who are most creative will have a desire to reach audiences in lots of ways… and those Agents who think outside the box will push them there too. The model is changing, and rapidly. Times are different, and no longer is anyone forced to stay in their box. As recently as a decade ago, being a ‘multi-hyphenate’ was seen as lacking focus and lost credibility. Now it’s a sign of being the ultimate talent and entrepreneur.
As the industry has opened up thanks to the rapid growth new technology, it means that talent now demand way more services from their agency. As an Agent, you now have to understand every direction of where the entertainment industry is and where it’s going because that’s where your clients are headed. You can’t allow your Talent to be ahead of you. If they’re running at 80mph, you need to run at 100mph. They might act but love to game. They might present but love to sing. They might want to launch a fashion business or a TV production company. To be able to fully service a client has become way more demanding and needs more expertise than ever.
If an Agency only delivers one aspect of a talent’s business then it leaves them very susceptible to losing them to a company that can do it all. If you can’t do it, someone else can and will. It’s an occupational hazard and leaves your agency with 2 choices: to accept that losing exciting clients will happen from time to time or to meet it head-on, be progressive and match your talent’s ambitions.
For me, at InterTalent, there’s no debate. We have spent the last few years (and continue to do so) making our company a one-stop shop that can represent our clients across multiple verticals and across the full landscape of the content business - Scripted, Unscripted (TV, Publishing, Audio etc), Digital, Comedy, Gaming, Music, IP etc. We are always growing our ecosystem to match where the entertainment business is heading. If you’re not already working out your route in to AI & the Metaverse, then you should be. Clients might not be asking about it now, but they will, and when they do you’ll be ahead of the game and be able to add real value.
Some of you might be asking, why? If you’re a Scripted Agent just be a Scripted Agent… BUT… here’s what you have to think about every single day if you run a Talent Agency:
Our business is continually being tested like never before. Just in the last year we have been dealing with ⬇️
Shrinking TV production budgets due to a loss of ad funding, and therefore diminishing commissions of projects.
The current Writer’s Strike & SAG-AFTRA Strike pausing hundreds of projects globally.
A possible sale of Channel 4 (which eventually, thankfully, was halted).
The streamers cutting budgets - and removing shows.
Coming out of COVID and how that affected everything - from below-the-line staff shortages to a backlog of those needing studio space.
How everything has become much more expensive to make happen, thanks Brexit.
The need for VISA’s where we didn’t need before, see above.
The obvious decline of risk-taking and a reliance on the familiar.
I could go on and on. Out of nowhere, a whole sector could be dismantled just like COVID did to the live entertainment industry, and so you always have to think about how other avenues can carry the load. How another division can carry the weight if another goes sideways, and not only protect your agency and your clients, but save jobs too. I am always thinking about how we continue to diversify our offering, not just from a creative POV but also to ensure our company will never topple over.
To be a profitable and leading talent agency requires constant evolution to stay one step ahead not just of the competition but yourselves. You need to keep moving forwards and not stand still. It’s no coincidence that every top-level agency in the world now has gone into everything from fashion, investments, retail, digital, broadcast rights, live and interactive events, sports leagues, Web 3.0, AI & beyond. Being a star of film or television just isn’t enough any more.
So what are the ways to grow?
💷 Sell. That’s an obvious one and we are surrounded by great Agencies who decided to sell to larger firms to not only be part of a bigger gameplan but to also receive a huge influx of cash to help grow even further. I wouldn’t say it’s an easy route (it often comes with a lot of corporate red tape and possible debt) but once signed on the dotted line it is one of the quickest ways to rocket fuel your offering.
🤝 Merge. If you’re a small boutique Agency in one area - maybe there are other people in similar positions who work in other fields where you can come together to join forces. Better together, as they say.
🏘 Build. Make smart moves. Hire great people from other areas within entertainment who can launch a new division. Use third parties who can white-label their services and be part of your Agency. Partner with people who can add value to your clients. Carefully focusing on organic growth and taking calculated gambles might not be the fastest route but it can be the most strategic.
👊 Just do it. We didn’t know anything about NFTs before starting a NFT Division. We just tried, succeeded, failed, kept going and worked it out using our existing staff. We have lots of things our staff are working on which aren’t their day-to-day bread and butter. We have a policy of just trying things. Let’s go for it and aim to succeed more than we fail.
We go for the build and just do it approach. Always thinking of new angles, new business ideas and making smart, strategic plays into them. With our brand new production company specialising in talent-led projects, branded content and IP creation, we are now working with our clients in even more ways that go far beyond the day-to-day job of representation.
➡️ To break it down, you have to expand, diversify and create eco-systems within an agency for the following reasons:
We no longer live in a world where talent has to stick to their own lane. No one wants to be boxed anymore and you don’t lose credibility by doing so. Acting, Presenting, Music, Social Media, Podcasts, Books. You have to be able to offer the full service. If you can’t, someone else will.
You gain a greater knowledge base, a never-ending contact book and you see the entertainment industry differently if you’re working in multiple areas.
With more fingers in pies, and every Agent having a different conversation, the likelihood is that you will know more than other Agents and will be quicker to information… and then even if you don’t know something, everyone will think you do anyways!
Having staff from different backgrounds, with different experiences, working in different divisions, enables you to have a super creative and collaborative environment. It creates diverse thought and endless possibilities.
As COVID has proved in the past few years, a whole industry can be on its knees very quickly. If you don’t have multiple sides to your business to hold it steady during difficult days then you could be in real jeopardy.
Standing still is going backwards. Our industry is evolving quicker than ever before. If you don’t have eyes on the future, others will and they’ll be so far ahead of you it’ll be impossible to catch up.
It focuses your mind and forces you to be decisive. There’s no time to dilly-dally.
And, of course, the possibility of generating a LOT more income!
The most important thing to remember is that there is one thing the CONTENT, AUDIENCE & ENTERTAINMENT BUSINESS will always need and that’s talent. Everyone wants access to stars, and so long as you have great talent across a ‘multi-hyphenate’ creative business then you have the opportunity to be the most exciting home for them.
To wrap up here are a few recommendations to check out:
📚 TO READ:
FYI - the future of creative collaboration? will.i.am has launched FYI which I can only describe as WhatsApp meets Slack meets AI meets everything. I use it - and it’s very cool.
SAG-AFTRA Strike - What is it all about? Over in LA, SAG-AFTRA has decided to strike until better pay for their members is agreed. If you’re in the entertainment industry then this will potentially affect you. Read up on what it’s all about.
Jen AI - AI is here to stay, but is it going to damage creativity? Virgin Voyages has turned Jennifer Lopez into an AI deepfake that can be programmed to send bespoke videos. Top marks for originality, but it leaves more questions than answers.
🎧 TO LISTEN:
Time with Mr Reed The true story of an Englishman who robbed 12 banks in San Diego to pay for debts racked up through IVF costs. Not only an amazing true crime story but I was involved in the project in its early days.
The Imposter Club A podcast & community for creative imposters to overshare, be inspirationally insecure & truly belong.
The Joe Pomp Show Joe breaks down the most interesting topics in sports business. From athlete investments to media rights deals. Love his Huddle Up newsletter, and this is equally brilliant.
📺 TO WATCH:
Hijack, Apple TV+ Edge of your seat stuff. Not a great help if you don’t like flying… but that aside it’s a very well-written vehicle for Idris. Bingeworthy.
Springsteen on Broadway, Netflix This is a couple of years old but having just seen The Boss twice at Hyde Park last week, I’ve just rewatched it. Bruce, a piano, a guitar and some incredible life stories.
Tulsa King, Paramount+ Stallone exactly as you want him... but not how you expect him. It’s actually really fun and well worth checking out.
See you next time!
Alex
📥 alex@intertalentgroup.com | 💻 http://www.intertalentgroup.com
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