Entertainment rights management in the 21st century has become increasingly complex. With the advent of Over the Top (OTT) distribution, multifaceted theatrical releases, and ancillary rights, including digital games created from film and television shows, rights management can be an extreme challenge for companies trying to protect, track, and maximize revenue from their assets.
Historically, a simple ledger could track film rights, as most films were made to be released only or primarily in the country of origin. With the advent of technology, the floodgates were opened to vast new distribution potential for films and television series, and a simple ledger or Excel spreadsheet could not keep up.
Now, media rights management companies have become the new and most important player in ensuring that income is being paid from all sources on time. End-to-end SaaS digital rights management software makes it easy to manage contracts, rights, financials, royalties, and participations – from one platform.
Here are four reasons why it might be time for you to evolve the management of your media rights to a company that focuses only on rights management:
1. You Are Wasting Too Much Time
Without digital rights management software, tracking your assets can lead to costly errors and missed opportunities. If you spend more than a few hours a week combing through a spreadsheet to find what you have available to sell, or you have to deal with more complicated royalty terms, it might be time to move up to rights management software.
A central library of your licensed content also ensures everyone uses the right assets and helps prevent unauthorized content from being obtained. Additionally, with rights management software, team members at all levels can easily source, reference, and publish content quickly, with total confidence.
2. You’re Doing Double Duty
Most entertainment organizations have too many contracts to manage manually. And on top of this, teams often do double data entry into multiple systems to stay on top of updates and new assets. This can result in costly duplicate work and is a process prone to errors.
A cloud-based, enterprise-level contract management solution ensures that separate teams have the information they need to operate more efficiently within global film markets. A robust and fully integrated rights management system can handle almost any degree of complexity, a combination of conditions, and date offsets. Such a system will also automatically update contract dates and send administrative follow-ups and payment schedules when activities determine conditional events.
3. The Right Tools for the Job Simplify the Complexity
The complexity of managing digital rights rules and limitations is exceptionally high, and managing royalty revenue from subscription-based models can be particularly complicated. If staying on top of the complex nature of languages, locations, and numerous distribution channels makes your already challenging job especially difficult, you need rights management software.
4. There's Got to be an Easier Way
Many companies leave money on the table by failing to stay on top of their digital assets. Is it humanly possible for you to minimize risk AND find opportunities on all your titles? With an Excel spreadsheet, probably not. However, if you’re using digital rights management software, it’s entirely possible.
The media entertainment industry has evolved, forcing companies to change how they handle rights management. In the 21st century, production companies and distributors must upgrade outdated systems and utilize rights management software to meet current challenges. An agile contracts and rights management platform built with flexibility will help ensure that your company has the tools and foundation to adapt quickly and seamlessly to move in whatever direction the industry takes.
See What FilmTrack Can Do!
We're excited to demonstrate the impressive capabilities of FilmTrack's rights management software! In our newest case study, explore how Imagicomm Entertainment mastered the art of media distribution. Confronted with the challenge of overseeing a rapidly expanding media library, they transformed their approach, establishing new benchmarks in the industry. Through the use of FilmTrack, Imagicomm not only improved efficiency but also fortified partnerships and significantly reduced legal risks.
Ready to elevate your media management and sales? Download our case study now and embark on your path to transformative success in media distribution!
