Digital disruption is no longer “new news” to media and entertainment.
In the past five years alone, we’ve seen a massive influx of new players hit the scene, content catalogs triple in size (if not quadruple!), and customer bases reach far into the millions. While these new forms of technology have ushered in a wealth of valuable opportunities, they’ve also created a slew of chaos behind the scenes.
As digital content has exponentially increased, managing and exploiting IP has become a tedious endeavor. Bogged down by age-old business processes, M&E businesses have struggled to keep up with data storage, management, and delivery.
In order to keep up with increasing consumer demand –– and remain competitive in today’s digital world –– the M&E industry needs to adopt intuitive tools that streamline the contract initiation process, minimize cumbersome manual tasks, and reduce administrative burden.
When it comes to intellectual property management, contracts of today look nothing like contracts of the past.
Prior to the digital age, contract management was a much simpler process as M&E businesses were dealing with fewer delivery mediums. With the rise of video-on-demand, however, distributors are juggling hundreds upon hundreds of titles at once, a faster time to market, and varying terms and exclusivity. Needless to say, there are a lot of moving parts.
With cloud technology, businesses are able to store, manage, and deliver volumes of contracts and content in a scalable and cost-effective digital environment.
Here are four ways a cloud-based contract management system such as FilmTrack can improve efficiency across the entire business ecosystem.
In the 2020 Winter edition of the MESA Journal, FilmTrack's current COO Michael McGuire explains how the pandemic has impacted the entertainment industry and how that impact may have fundamentally changed the industry moving forward. Most notably the halt of production and the shutdown of theaters has put tremendous value on existing libraries. Utilizing software such as FilmTrack to fully understand what is currently available for sale or distribution, as well as what will be coming available and when, has become imperative to not only conduct business as usual but thrive in the current economy.