Hollywood accounting for many is a mystery at best. Meet Steven Sills.
Steven is co-author of Movie Money: Understanding Hollywood’s (Creative) Accounting Practices. He is a certified public accountant, a certified fraud examiner, a certified financial forensic, and a member of the California bar. Think CSI in the world of of Hollywood accounting.
Steven was gracious with his time and shares some very valuable insights about his work which specializes in auditing motion picture and television profit participations on behalf of talent, producers and investors.
Steven’s 3 tips when entering into a contract:
- 1) Get a good lawyer
- 2) Get as much money up front as you possibly can because you don’t control how you will be reported to in the future.
- 3) Keep an eye on the accountings and hire a good auditor
What is the current state of affairs in DVD vs. VOD?
There’s definitely a major shift. The DVD market is diminishing very rapidly. The VOD market is increasing but not at the same rate as the diminution of the DVD market. And so there is a definite downturn in the overall revenue.
To understand how VOD is currently being accounted for, however, requires a bit of history. Steven takes us on a journey from the early 1980’s when the home video business first started to present day and how Hollywood’s practices for accounting haven’t changed… and why?
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Steven is accessible at Green Hasson Janks.
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