Why is Purpose Important for Business?
Social Impact through Entertainment (SIE)
Prodigium Pictures has been providing video production services for businesses since 2011. We love creating videos for our clients, and we believe that we can best serve others and help businesses grow through the craft of filmmaking. In 2014, we started to call what we do “social impact through entertainment” (a.k.a. SIE) to describe our belief that the media has the power to change peoples’ mindsets and behaviors. Our goal is to create videos that encourage critical thinking and enhance our audience’s perspective of the world.
Social Impact is a successful business model.
Social Impact is important not only for individuals; it is also important for companies if they want to grow their businesses. In the current marketplace, there is a real practical incentive for companies to have a greater sense of social responsibility, whether it’s to their employees, the environment, or the general welfare of society. In 2018, more than half of employees were not engaged with their work (the rate is higher for Millennials and Gen Zers) according to Gallup Statistics. However, Work for Good states that 93% of people who work for nonprofits feel engaged and 77% of people are satisfied with their work in nonprofits. That doesn’t necessarily mean you have to work for nonprofits, but it does show that work in the purpose-based space leads to greater satisfaction.
Simon Sinek, who gave one of the most successful TED Talks to date, mentioned in his TED talks that “Profit isn’t a purpose. It’s a result. To have purpose means the things we do are of real value to others.”
85% of purpose-led companies have had positive growth whereas 42% non-purpose led companies decreased in their revenue, according to research done by Purpose At Work 2016 Global Report done by LinkedIn and Imperative.
In a 2017 report, Cone Communications found that 94% of Gen Zers believe companies should be addressing social and environmental issues. A further 89% indicated they would rather buy from a company supporting social and environmental issues over one that does not. This bias towards corporate social responsibility is reflected in sales numbers, and in recent years, corporations that are ethically and environmentally conscious have been blooming.
We are a leading production company in the SIE space
Here’s some more interesting data: according to the Purpose at Work 2016 Global Report, less than half of people who work in media and entertainment are purpose-oriented. This means that many producers and filmmakers who work with companies likely do not properly emphasize the social importance (and business advantage) of showcasing your company’s impact through video. Recently, Prodigium Pictures has been putting a lot of effort into meeting people from businesses in a variety of industries, to talk about the importance of making videos that show customers how their company is making an impact.
We also strive to provide solutions for problems of the 21st century through our business model. In July of 2021, we became an official certified B-Corp to further this mission.
For more information about other leading companies in the Social Impact Entertainment community, please visit our “The Cinema of Change Ecosystem” which you can find the link to here.