Balancing Acts: Aaron Siegel's Journey Through Hollywood and Wall Street

From Wall Street to Hollywood: Aaron Siegel's Journey through Entertainment Finance and Innovation

Breaking into the worlds of Hollywood and Wall Street can be a daunting task. Yet, Aaron Siegel has successfully established his presence in both realms. As the head of Goldman Sachs’ entertainment investment banking division, Siegel and his team manage a diverse portfolio of projects that span live events, video games, television, and movie production. His influential role was underscored last year when his team facilitated a notable $8 billion merger of Cedar Fair, an amusement park operator, with Six Flags. Additionally, he oversaw the $3.5 billion sale of Niantic, the maker of the popular "Pokémon Go" game, to Scopely, a company owned by Saudi Arabia. Recognized for his achievements, he secured the No. 8 spot on Billboard’s Power 100 list for finance professionals earlier this year.

Siegel's journey began over two decades ago when he joined Goldman Sachs as an analyst. His rise to partner—the prestigious rank just below the C-suite—came after significant contributions to the entertainment banking sector. When the entertainment banking group was spun off as an independent division in 2021, Siegel stood as its sole managing director. Fast forward to today, and he now manages a team of four other managing directors, each specializing in different sectors of the entertainment industry. Hemal Thaker leads their gaming and interactive entertainment initiatives, Gaurav Madan oversees mergers and acquisitions, Jack Kamine focuses on film and television content, and Evin Broder is dedicated to live entertainment. The recent hire of Jenny Kim from Morgan Stanley demonstrates Goldman’s commitment to growing its music sector amidst the industry's evolving landscape.

The entertainment industry is currently navigating turbulent waters, with 2023 witnessing significant labor unrest centered around AI integration and worker rights. The dual strikes by actors and writers added to the ongoing challenges caused by the pandemic and environmental crises like the devastating wildfires in California, which have prompted mass evacuations. In an exclusive conversation with Siegel, he shared insights into both his daily life as a high-powered banker and the larger trends shaping Hollywood's future.

Siegel's morning routine often begins with an invigorating jog through Central Park, a ritual he cherishes. Engaging with teams in Europe and Asia while enjoying the beauty of his surroundings helps him maintain a global perspective on the businesses he manages. He emphasizes the importance of building relationships, noting that his early experiences as an analyst were marked by direct engagement with clients. This commitment to nurturing connections is a fundamental part of his advice to junior bankers, as he believes such relationships are vital for success in the entertainment sector.

When asked about opportunities and challenges in entertainment, Siegel highlighted the ongoing innovation in sectors like music and gaming, which have shown remarkable growth. The tumultuous environment for film and television production—exacerbated by the pandemic and industry strikes—seems to be stabilizing. Siegel notes that audiences are returning to cinemas, and the major streaming services are becoming increasingly robust. He believes that companies are now taking strategic steps to recalibrate their operations, fostering a more sustainable framework for growth.

Artificial Intelligence (AI) also plays a significant role in reshaping the entertainment landscape, despite skepticism from some Hollywood circles. Siegel pointed out that AI is empowering creators across the spectrum—from writers and directors to musicians—making production more accessible. With thousands of new songs uploaded to streaming platforms daily, independent artists are finding a foothold, while major record labels capitalize on their experience with artist development. This synergy benefits all players in the industry, leading to a more diverse and dynamic entertainment market.

Reflecting on his career thus far, Siegel recalled moments that encapsulate the unique nature of his job, such as attending events like the premiere of "Everything, Everywhere, All at Once" at South by Southwest. He described being deeply moved by the film, particularly as it resonated with his personal experiences as a parent. These moments underscore the intertwined nature of entertainment and personal resonance, elevating the impact such projects can have on individuals, including those shaping them behind the scenes.

As someone who has ascended through the ranks of Goldman Sachs, Siegel advises aspiring analysts to embrace the evolving nature of their roles. He emphasizes the importance of mastering new skill sets at each career stage—whether it’s financial modeling as an analyst or taking ownership of client interactions as a vice president. His message is clear: embracing challenges will not only enrich one's professional journey but also stave off monotony.

In summary, Aaron Siegel exemplifies how the worlds of Hollywood and Wall Street can intersect harmoniously. As he navigates the complexities of entertainment finance, he remains a champion for creativity and innovation in an industry facing unprecedented changes. By nurturing talent and emphasizing the importance of strong relationships, Siegel is poised to continue influencing the future of entertainment, ensuring it remains vibrant and adaptive in the face of new challenges. This dynamic interplay between finance and entertainment not only reflects the shifting paradigms within the industry but also highlights the importance of resilience, creativity, and strategic foresight in crafting a successful career in this exhilarating field.