As the old saying goes, “time is money.”
When considering the amount of chaos that ensues in the often-lengthy project development process for film, television and digital media projects, nowhere is that adage more applicable.
According to a recent The Hollywood Reporter article, Hollywood Salaries Revealed, From Movie Stars to Agents (and Even Their Assistants), “Starting managers make $50,000 to $60,000 and are expected to bring in two to three times their pay in commissions.”
Assuming that total annual compensation for a starting manager is $80,000 per year (base salary plus commissions) and that a manager works 2,000 hours per year, that’s $40 per hour.
Now consider how much time a project development team – writers, directors, managers, producers, agents, et al – spends on sharing project assets back-and-forth for coverage or feedback every single workday, following up with contacts to get them to finish a read or searching for those notes someone sent 3 or 4 drafts ago.
Right. That’s a lot of wasted productivity. And it costs real money. Let’s assume – conservatively – that the same manager wastes even just 4 hours a week on such tasks, burning $800 per month in productivity cost. Multiply that by the number of stakeholders developing a project (and the larger salaries they command), that’s thousands of dollars in lost productivity in a given month – on a single project!
And these estimates do not even factor in the value of the additional activities your teams could focus on by working more efficiently or the business benefits of releasing the project on-time (or even – gasp – ahead of schedule). So, the next time you find yourself with a free moment to work ON your business (vs. IN your business), do some back-of-the-napkin math on how much lost productivity is costing you and your creative projects.
It’s about time.
To start maximizing your team’s productivity on creative projects in film, television, digital or commercial, subscribe to ScriptNoted’s M&E project development app today.