Compiled by Jacquiline WahuThe CBF business magnates panel convened to share their innovations in balancing profits & purpose at business of sport and entertainment round-table chaired by CEO of Sterling Media and CWEIC Advisory Board Member Natasha Mudhar.
The discussion featured a compelling and insightful exchange of ideas and knowledge, as some of the Commonwealth’s most entrepreneurial minds in sport and entertainment deliberated how the commonwealth sport and entertainment industries can take advantage of new revenue streams, channels of communication, distribution, and partnerships, and whether, in an ever-changing volatile climate, the sports and entertainment industries have a moral obligation to be more socially conscious and focused on purpose.
Natasha raised the point that there has been a proliferation of new revenue streams, markets and distribution channels for entertainment and sports, which has helped to enhance the bottom line.
“In recent years, many more businesses are seeking to shift their brand purpose and vision, in response to creating a more authentic, relevant and meaningful conversation with stakeholders, and how the focus is shifting from profit to purpose,” she stated.
She further commented on the power of entertainment and film in creating social change, saying “Entertainment in action tells us that you can inspire and entertain in equal measures.”
Social responsibility was one of the major points discussed and raised at the panel. They reflected on whether the sports and entertainment industries should be socially conscious or if this should be a task for the not for profit sector and governments, and what initiatives, if any, are being undertaken to expand and measure the social footprint of these industries.
Ian Stokes in response highlighted, “It is nice to see how development in the regional level is spilling over into the national level, as demonstrated by India in the recently concluded Commonwealth Games in Australia.”
Moderated by Dr Kamel Hothi, Non-Executive Director for Sterling Media and Advisor for the Queens Commonwealth Trust, the panelists composed of prominent figures in entertainment and sport like Satish Modi, Chairman, Modi Global Enterprises; Robert Maxfield, CEO, Professional Golfers’ Association (PGA); Paul Smith, Director of City and Spectator Experience, Cricket World Cup 2019 and Hannah Wood, International Campaign Development Manager among others.
Following a dynamic discussion that encompassed a range of ideas including partnerships between education and cinema, and video games and sports, convergence as a driving force behind purpose emerged as the theme of the panel.
Concluding the session, Natasha and Dr Hothi then proposed a code of conduct that all current and upcoming influencers in sport and entertainment should sign to ensure that they practice and demonstrate positive messages. Natasha also stressed the need to turn awareness into action as a result of the panel. Encouraging each participant to become a change-maker.
As a result of the session, Natasha called for the panel to reconvene in the near future to continue the discussion surrounding the business of sport and entertainment in the commonwealth, creating a legacy of collaboration and shared ideas between the two industries.
The CBF is organised biennially by the Commonwealth Enterprise and Investment Council (CWEIC) and took place ahead of the Commonwealth Heads of Government Meeting (CHOGM).
CBF is an exclusive event that has convened 800 senior business leaders alongside 30 Heads of Government at three iconic Central London venues considering it’s the first time since 1997, to take place in London.
For further insight visit: CWEIC