What's Happening?
Variety has announced the opening of nominations for its Business Managers Elite 2025 issue, set to be published on November 12. This annual event, accompanied by a breakfast presented by City National Bank in Los Angeles, aims to honor business managers who play a crucial role in the entertainment industry. These professionals are responsible for ensuring the financial stability of high-profile clients such as actors, musicians, athletes, and digital influencers. Their duties include managing accounting, budgeting, taxes, estate planning, and major purchases, all while navigating a complex economic and sociopolitical landscape. The deadline for nominations is September 10, and the issue will also highlight the evolving challenges faced by business managers as the industry becomes more global.
Why It's Important?
The recognition of business managers is significant as they are often the unsung heroes behind the financial success and stability of entertainment industry figures. Their work ensures that clients maintain an economic safety net despite fluctuating press attention and income. As the industry globalizes, business managers face new challenges such as cross-border tax issues and residency requirements, making their role increasingly complex. Honoring these professionals not only acknowledges their contributions but also sheds light on the critical support system that sustains the entertainment sector.
What's Next?
Following the nomination period, Variety will select and honor an individual business manager who has made a notable impact on the industry and society through their professional and philanthropic efforts. This recognition could lead to increased visibility and appreciation for the role of business managers, potentially influencing industry standards and practices. The event may also foster networking opportunities and discussions on the evolving responsibilities of business managers in a globalized entertainment landscape.
Beyond the Headlines
The event highlights the ethical and cultural dimensions of the business manager's role, as they often handle sensitive personal and financial matters for their clients. This requires a high level of trust and integrity, which is crucial in maintaining long-term client relationships. As the industry faces shifts due to globalization, business managers must adapt to new cultural contexts and legal frameworks, potentially influencing broader industry practices and norms.
