Becoming a ProCFO: Sounds Like SuccessFeb 22, 2023
Tom McNiff dreamed of a place in the music industry – and found one in finance. As a CFO for a record company, Tom’s worked with some of the most famous names in the industry. He has also worked with independent artists, helping them to create success and build their careers. After years of experience in the music industry, as well as retail and manufacturing,he decided to take on a new challenge with ProCFO Partners.
At ProCFO Partners we talk a lot about the value of our broad and deep collective expertise. Tom’s experiences are a good illustration of this, as the music industry is a complicated place for a CFO. A few realities Tom managed include:
- Complex revenue streams: The music industry has a variety of revenue streams including sales of physical and digital music, streaming royalties, licensing fees, merchandise sales, and ticket sales. These revenue streams are constantly changing, and the complexity of the revenue streams can make it difficult to accurately predict and allocate revenue.
- Complex ownership structures: The ownership of music rights can be very complex, with multiple parties owning different rights to a single piece of music. This can include songwriters, publishers, record labels, and performers, each with their own contractual agreements, licensing deals, and revenue-sharing arrangements.
- The impact of technology: The music industry has been significantly impacted by technology, with the rise of digital streaming services and the decline of physical music sales. The shift to digital has made it difficult to accurately track and monetize music consumption, and the industry is still grappling with how to properly value and compensate artists for their work in this new landscape.
Sound familiar? Every industry undergoes some kind of disruption, some more dramatically or quickly than others. And every business finds itself faced with changing market or competition dynamics. Having a season’s pro in the band means your business won’t skip a beat.
Working with ProCFO Partners
Tom McNiff was introduced to ProCFO Partners and quickly realized that the company was a perfect fit for him. He was able to work with experienced professionals from a variety of backgrounds.
Tom’s background in the music industry gives him a unique perspective among the ProCFO Partners team. He’s familiar with complex systems involving multiple stakeholders, and understands the toll changing business and market dynamics can take on business leaders. And especially among those leaders who are perhaps less detail-oriented or more creative, Tom knows how to speak their language and complement their vision with his.
Tom McNiff’s journey from the music industry to a ProCFO has been an inspiring one. His diverse skill set and experience makes him a key partner in providing guidance and advice to his clients, helping them to make the most of their goals, strategies and opportunities.