Paragon Bank’s Head of Technology Finance Jon Openshaw will be at the ISE show in Barcelona from 31 January. We talk to him about trends in the Entertainment and Media technology sector in 2023. 

If you want to connect with Jon ahead of ISE, visit his LinkedIn page. 

2022 was a year of challenges for the global economy – how do you think the Media technology sector fared? 

It was a year of contrasts for the events and technology sectors. After the restrictions of Covid, live events were back and the public couldn’t wait to get out and enjoy themselves – but businesses in the sector faced increased costs and staffing challenges.  

As those challenges ease, we will start to see improvements for businesses and strong potential for increased revenue and profits. This will be supported by new technology becoming available, thanks to both improved innovation from manufacturers and the stabilising of supply chains and availability.  

Where does the sector stand at the start of 2023? 

It is vital that we look to the future. While the global economy may be facing uncertainty at present, we need to look ahead to recovery. As inflation falls, the ability and desire for customers to enjoy themselves will rise. They will be looking for value and experiences they’ll treasure.  

It is therefore essential that businesses start to consider what technology they need to acquire and find the right solutions for them to do so. As a specialist lender, Paragon is there to support them and understand the challenges they may face. It is never too early to start discussing plans for the future and I look forward to doing so in the time ahead.  

How has the sector changed and what do customers expect from in-person events?  

Covid created long-lasting changes for the sector by accelerating the need to improve efficiency, alongside the growth of virtual studios. This will require a range of new technology and asset acquisitions, and Paragon is ready to help finance new camera and lighting rigs, servers, LED screens and more. We have the ability to fund as one finance solution, making it simpler for the customer. 

People want to be entertained and are also after new experiences. Immersive events are becoming increasingly advanced, and the standard customers expect will rise with the technology. Holograms, advanced laser displays, and immersive projection will become key to providing customers with value for money. This change in expectation will need to be coupled with investment in new kit – and now is the time to start looking to invest and we are here to help.  

With ISE 2023 just around the corner, what are you looking forward to about the show and what tech are you looking forward to seeing up close? 

It will be fantastic to once again get out there and talk in person with vendors, suppliers, and customers. With new kit, comes new possibilities. I know that when we’re walking round the show, customers will be seeing fresh opportunities for their business and ideas for the future – and it is great to talk with them in person there and then about how we can help them fulfil their ambitions.  

Advances to transparent and ghost screen productions, improved LED screens, and the new technology to support virtual studios are at the top of my ‘Must See’ list. Discussing the potential of the equipment with vendors and suppliers always provides new ways that we can be helping our customers. It also is important to discuss how they view the years ahead so that we can start planning for 2024 and beyond.  

Visit our website to learn more about how our Technology Equipment Finance team can support your business.