The Media MBA: Forcing liberal arts kids to do math, one econ. problem at a time

You may not be, but I've been thinking about getting an MBA. And now that I'm officially an adult - with bills and broken dreams - it's almost time to put my plan into action. GMAT prep. course, here I come! So, why would a self-proclaimed media dork consider something so sinisterly business? Well, newsflash: the media industry is a business - uniquely creative, but - just like all the others. Don't believe me? Check out this exerpt of this article from TVSpy.com:

"Not long ago, the creative types in media kept a wary eye on the suits or the bean counters, as the business side of media is known. For years, Wall Street paid little attention to the media biz, an industry it didn't take that seriously. Now with the rise of the global conglomerates and the aftermath of dot com meltdown, many media professionals, both on the creative and business sides, are finding it necessary to pursue an MBA.

A New Order
"When we started I had 2 courses and we had about 40 people in each. Today, in any given semester we have about 400 to 500 students taking one or more classes," says Al Lieberman, Executive Director of NYU Stern's Entertainment, Media and Technology Initiative. Started in 1996, Stern's EMT program awards a certificate to those students who complete at least 9 credits in courses like Entertainment Finance and The Business of Sports Marketing. Over at Fordham Business School, Dr. Everette Dennis, Chair of the Communications and Media Management program has also seen an increased interest over the last couple of years, "We have a relatively small program, but we've had probably a 20-25% increase in applications." Fordham's program, believed to be one of the first in the country, began in the mid-80s when Arthur Taylor, a former President of CBS Network, arrived as the business school's new dean and brought in William Small, another CBS executive to head up the program.

So why are more and more media professionals interested in an MBA? Of course, many can argue that a wave of dot-comers have decided to hide out in business school in the wake of the collapse of the dot-coms and the weak ad market. Lieberman argues that this is no trend, "It's a fundamental change because the competitive factors that are driving this are not going away. They are intensifying." He is talking about the shake up of the media landscape. Deregulation and mergers have given rise to media behemoths. Technology, without a doubt, has wreaked havoc in the industry, forcing firms to rethink their business strategies. That's one reason why Jason Oberlander, a first-year student at Columbia Business School has found the business side of media so attractive, "The technology that comes out, it's coming out so quickly, that it requires people who are able to adapt and think on their feet and are able to pursue new opportunities in order to be successful and compete effectively."

Consumers today have a rainbow of media products to choose from. Dennis says the media industry has become an important economic engine and Wall Street has taken notice, "All of the sudden this was an industry to be reckoned with." Lieberman points to shift towards cooperation and the building of alliances as well, in an industry that has been notoriously competitive. The current negotiations between CNN and ABC News would have been unheard of just ten years ago. Not only has media seen enormous domestic growth, but abroad as well says Lieberman, 'For every dollar that is generated in the United States, 15 years ago the most they could look for was maybe 25 cents outside, as an export, now it is dollar for dollar.'"