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The current model used by most Media & Entertainment companies to determine the pattern for revenue recognition for licenses will change drastically. Leaving many to reevaluate their current revenue recognition models and implement alternative solutions and workflows by the December 15, 2018 deadline for the new revenue recognition standards.
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.
Watch this DEW2021 discussion from Feb. 11 about fin-tech's role in modernizing payment of royalties and residuals.