My last post, given here, talked mostly about what it takes to break into the field of entertainment law and management. I want to take a different route with this blog and what you all can expect when you break into today’s management environment. To do so I believe it is best to break this post down into three comprehensive sections: details about the top agencies in the country as well as individual job data and facts. Though two differing ideas regarding the entertainment management business, all are integral in understanding the current, and future, nature of this lucrative and growing business.
Top Agencies
Depending on what kind of entertainment management you want to break into: sports, film, literacy, music, etc., top agencies differ. IMG|WME and CAA are renowned as the leaders of the sports industry, while UTA and CAA are recognized as the top agencies in terms of hollywood film and TV production.
According to the Hollywood Reporter, IMG and WME, two giants in the management business merged in 2014 for over 2 billion dollars and created one of the largest agencies in the entire world. The company has over 4,000 clients, including the likes of Ben Affleck, Rihanna and Maria Sharapova, as well 5,000 employees spread over 25 countries. Below is an intriguing article regarding the finances behind both companies before and after the 2014 merger, which netted the company over 450 million dollars.
The Creative Artists Agency is recognized as one of the giants in the film, television and sports avenues of the entertainment management industry. Since its founding in 1975, CAA has grown into a powerhouse, with over 5,000 clients, 1,500 employees and megastars such as Robert Downey Jr., Peyton Manning and Jennifer Lawrence. As of 2015, the company is noted to be worth about 5.39 billion dollars.
A third powerhouse of the entertainment industry is UTA, which was founded in 1991. With over 3,000 clients and just about 500 employees, the company is less of a monster than both CAA and WME|IMG, but is still one of the world leaders in the film and television business. Some of the most notable clients for the company are Johnny Depp, Angelina Jolie and Channing Tatum.
Individual Job Description
In this individualized section, there are a few things that I would like to touch on, including compensation, job locations and quality of life. How a talent agent or manager is paid is based on a combination of commission and overall salary. Oftentimes, they are paid a percentage based commission, usually between 5 and 20 percent, of a client’s particular contract, whether it be a film, sports contract, advertising or appearances. However, in accordance to this commission, they are also paid an annual salary. Compensation varies heavily based on experience, title and skill.
“Starting agents can expect to earn $50,000 to $65,000; more senior agents make around $200,000; partners make $400,000 to $700,000; and board members — like CAA’s Bryan Lourd and WME’s Patrick Whitesell and Ari Emanuel — can earn as much as $10 million.”
As you can guess, those in the entertainment management business usually operate out of cities where entertainment is the highest. Some of these cities, besides the obvious choice of Los Angeles, include New York City, Miami and Chicago. The location of one’s job relies heavily on what kind of entertainment one is involved with. Just like salary, quality of life while working in this industry is heavily based on seniority and experience. While starting out, managers work extensive hours with low level clients for little money, but once gaining experience and notoriety, quality of life no doubt improves tremendously.
Angad Kanwal 