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.
The current model used by most Media & Entertainment companies to determine the pattern for revenue recognition for licenses will change drastically.
The rapid rise of digital entertainment has made rights management functions more complicated than ever before. With FilmTrack Financials, media & entertainment businesses can navigate today’s fragmented landscape with ease.