The advertising, entertainment, and media industry has experienced accelerated spending and growth during the past two years, driven by creative responses to the pandemic and investment in digital. In 2021, Australians spent $45.6 billion dollars on entertainment, media and internet access services. In the same year, advertising revenue across main media in New Zealand was $3.2 billion dollars (a 30% increase over the previous year).
Growth is largely driven by digitisation, e-commerce, and advances in direct-to-consumer marketing - trends that are all here to stay. For SME businesses looking to invest and grow in this fast-paced sector the opportunities abound.
How can invoice finance help?
While invoice finance may seem like an obvious fit for businesses with more tangible products and services, the media and entertainment industry can also put the funding solution to good use. SMEs in the digital space are no different from other sectors when it comes to juggling finance and cash flow. Additionally, the relative newness, complexities and lack of physical collateral that investing in digital requires can deter traditional lenders. Invoice finance is an ideal solution for businesses working with large clients in any sector, effectively closing the gap between when you invoice your customers and when you receive payment.