Business matters: plugging the knowledge gap across streaming and broadcast

The Royal Television Society (RTS) is currently registering interest for its newly developed Mini MBA in TV and Streaming Media, designed to address the need for structured, formal business education tailored specifically to the unique demands of the television and streaming sectors. With key industry partners and contributors involved, this program aims to fill a crucial void in professional development within the media industries.

Following industry-wide discussions, Theresa Wise, CEO of the RTS, noted that many people working in this space, particularly in ancillary areas like legal, finance, technology, and communications, had a need for a broader understanding of how the business of television operates. “There was a trend where people wanted a bit more formalised continuing professional development (CPD) in the television and streaming industries,” she explains. “It felt to me that the business of television and streaming media was a slightly under-catered-for area and a very crucial area.”

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Wise’s initial hypothesis was validated by qualitative market research undertaken by the RTS, which confirmed that companies across the industry recognised the need for such a program. “We did interviews throughout the industry, with leaders or heads of talent development and HR, to check whether they felt this was a missing area that would be useful for their teams - and it came out very strongly that it was,” she says.

This research revealed that, although the creative and technical aspects of television are well-covered by existing programs, there was a clear gap in business-focused education for media professionals.

A tailored solution for a diverse industry

One of the standout features of the RTS Mini-MBA is its tailored approach. Unlike traditional MBA programs, which provide a broad overview of business practices, this program is designed specifically for the television and streaming industries. As Wise explains: “The business of television covers the 24 modules - it’s in everything from the development of a show, to sports on TV, to public service broadcasting.”

The program aims to give participants a comprehensive understanding of the business side of media, allowing them to better communicate with colleagues, make informed decisions, and advance their careers. It addresses a wide range of needs, from understanding how to build a business case, to learning about mergers and acquisitions in the media sector. Wise emphasises that this course offers more than just general knowledge; it equips learners with actionable insights tailored to their roles: “It enables you to understand the needs of your clients, and what drives them from a standpoint of their industry objectives, what they are striving for commercially, and what they are striving for creatively,” she says.

Engagement from key industry players

From the outset, the RTS Mini-MBA attracted interest from a broad spectrum of industry stakeholders. While broadcasters are the obvious participants, the program has also drawn attention from technology providers, production companies, and even major streaming services like Netflix and Amazon. As streaming platforms become increasingly dominant players in media, their executives - many of whom come from non-broadcast backgrounds - stand to benefit significantly from the Mini-MBA.

The programme has been developed with contributions from industry partners including All3Media, Liberty Global, Banijay UK, Channel 5, Paramount, STV, BBC Studios, Fremantle UK, Studio Lambert, All3Media, ITV, and Avalon Entertainment, with input from individuals in these companies who work in roles ranging from TV strategy, finance and business affairs to technology, production, and distribution. By working closely with these organisations, the RTS can provide participants with real-world case studies, insights, and networking opportunities that enrich the learning experience.

These contributors share their firsthand knowledge of the challenges and opportunities in today’s rapidly evolving media landscape. Wise describes their involvement: “Some of the extraordinary industry contributors are people that one wouldn’t normally have access to on campus. The great and good leaders of the industry, as well as practitioners, will give their insights into all sorts of areas.”

Broadening skill sets

Wise explains that when people aim for leadership positions, it’s not enough to be brilliant in their niche; they need a wider understanding of the business. “The Mini-MBA provides this breadth through 24 comprehensive modules that span everything from show development to audience insights,” she says.

By gaining exposure to various aspects of the business, participants develop the broad knowledge required to transition into leadership roles. “This course will expose you to a huge amount of what goes on from a business perspective in our industry,” says Wise. “The language of television is very specific. The course gives you that understanding and context for your observations, insights, and business judgments.” By becoming fluent in the language of the industry, participants can engage in more effective collaboration, pitch ideas more convincingly, and make informed business decisions.

The RTS Mini-MBA provides a comprehensive understanding of the business of television by covering critical aspects such as content creation, audience insights, economics, and strategic decision-making. Participants learn how the industry operates, including revenue models, mergers and acquisitions, and the financial processes behind show development. With its 24 modules, the program offers a holistic view of television’s business ecosystem, blending theoretical frameworks with real-world insights from industry leaders.

The program also emphasises cross-functional knowledge, enabling participants to work effectively across different departments such as production, finance, technology, and marketing. By understanding the language and goals of each area, professionals can improve collaboration and communication within their organisations. Additionally, the program addresses the evolving role of technology and streaming platforms in television, helping participants stay informed about innovations in digital distribution and OTT services.

Wise stresses that understanding the business of television allows individuals to be more effective in their current roles and better positioned for more senior roles, stating: “People need to understand the economics of our business - they’re in a much better position to develop their careers and use it as a way to develop into related areas or more senior areas.”

Standing out from the crowd

For professionals aiming for leadership, demonstrating a commitment to self-development is critical. Completing the Mini-MBA signals to potential employers or higher-ups that an individual is proactive about enhancing their skills and expanding their knowledge. Executive search professionals have told Wise that candidates for leadership roles need to show an interest in developing their broader business understanding. The Mini-MBA provides this opportunity.

“Something like this might not completely give you breadth, but it would indicate that you’ve got a huge interest in other areas, and you’ve taken the trouble to develop yourself in them,” she says. This demonstration of initiative can set participants apart from their peers when competing for senior roles.

In the media industries, creative teams often have different priorities from business and technical teams. The course provides structured learning on how the business operates across all areas. By gaining an understanding of how different functions within the industry work together, participants can develop knowledge and skills that will help them to contribute more effectively to meetings and project discussions. They will be better equipped to ask the right questions, offer relevant suggestions, and work jointly to find solutions that take into account multiple perspectives.

This practical knowledge empowers participants to make informed decisions and lead with confidence, further positioning them for career growth.

A flexible, accessible learning platform

In designing the Mini-MBA, the RTS focused on making the program accessible and flexible, ensuring that busy professionals could fit it into their schedules. The course is entirely online and self-paced, allowing participants to work through the material at their own speed. Wise describes the learning experience: “It’s multimedia, so it’s not set-piece lectures as such. A lot of it will be charts and voiceover with a mixture of extraordinary industry contributors.”

The flexibility of the online format makes the program appealing to a wide audience. Whether participants are working in broadcasting, technology, or consulting, they can tailor the learning experience to suit their own needs. Additionally, the RTS has incorporated a feedback mechanism to ensure that the course evolves with the industry. Wise explains: “We will be doing surveys of our learners, and we will take any feedback and comments as we go.”

Advantages over other programmes

According to Wise, many existing MBA programs and media courses may offer generalised business training or technical media production skills, but they lack the depth and specificity required to navigate the complex, unique business environment of the TV and streaming world. She emphasises the uniqueness of the RTS program, explaining that the development of the material took 18 months, reflecting the effort and expertise invested in creating a fresh and relevant curriculum.

Additionally, the RTS Mini-MBA provides a formal qualification with accreditation. The RTS offers CPD accreditation for the program, which will allow participants to use the qualification for career advancement or professional development.

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