The entertainment rights management industry is endlessly moving and changing. With all the increasing distribution models and factors to take into account – fast channels, streaming services, Over the Top (OTT) distribution, digital stores, ancillary rights, global currencies, and more – today’s rights landscape is enough to throw anyone into a tailspin. On top of all that, some rights management methods can't scale, which is a big problem for companies resistant to ripping everything up and starting over when their software platform can no longer keep up.
At one time, businesses could manage the revenue acquired through entertainment rights ownership via a basic ledger; later, companies used spreadsheets to track digital rights. However, managing many factors of data in a spreadsheet cannot keep pace with all the complexities at play. It is also susceptible to manual adjustments at any point, which is a poor way to track financials and is contrary to proper GAAP accounting processes.
With the onset of entertainment rights management technology, entertainment rights tracking is more effective, yet some legacy systems are static and unable to grow with the business. These old solutions just don't cut it in today’s complex entertainment rights environment.
If you’re shopping for an end-to-end rights management solution that will carry you from your beginnings into an even more successful future, here are some things to look for.
What a Scalable Entertainment Rights Management Software Looks Like
A scalable rights management solution is modular in nature and can be changed in size or scale and utilized in various ways, depending on your needs. Here are some things to look for when shopping for the most scalable system:
Robust Financial CapabilitiesDoes the system only provide fields where you can track dates and numbers? Or can it perform sophisticated royalty calculations based on the same contracts you use to track your rights and availabilities? While many systems claim to have financial proficiency, very few can make high-level calculations informed by the contract to ensure that correct amounts are being paid and collected.
The most agile solutions integrate with critical business systems like accounting platforms, ERP, CRM, scheduling systems, and more. In addition, enhanced collaboration across functions helps reduce the time spent managing numerous systems.
Single Source of TruthA best-in-class rights management system houses all the relevant data within an organization and serves as the “single source of truth” (SSOT). An SSOT reduces the risk of having multiple versions of the same data set, leading to inaccuracy, noncompliance, and reduced revenue.
A responsive rights management system also allows all users to source one official data set and work from that; information is typically easy to input into the system and later retrieve when performing various tasks. Managing one data set in terms of structure, format, and accuracy, instead of dealing with multiple silos of data across systems, is much more efficient and eliminates costly mistakes.
Ability to GrowYour business needs to consider the future and think big. Does the rights management system you are considering have the capacity to expand in size and scale along with the needs of your business?
Scalability is about much more than a system’s ability to increase capacity to meet growing demand. Smaller companies, for example, may not need to tie their financial systems to their library initially, but as that library grows, a financial component becomes critical. A system with a modular element that can "switch on" financial capabilities without the client having to completely rebuild their system and data is invaluable.
Updating a rights management system often leads to difficult questions regarding whether it is time to do away with traditional on-premises technology and cloud-based solutions that aren’t flexible enough to grow with you. A massive data migration and another implementation mean a significant cost and time investment, so you've got to make the right choice. You need a solution that will meet your needs now and in the future.
FilmTrack Can Help You Manage Your Rights Now – and in the Future
The complexity of entertainment rights makes it impossible to pinpoint all the opportunities and risks using basic tools. If your legacy system manages contracts and avails but lacks the readiness to handle rapid growth, FilmTrack can provide you with the scalability you need at the flip of a switch.
Want to see us in action? Download the case study and learn how K2 Studios discovered not all rights management software is created equal. Despite a solid product demo, they ran into a severe roadblock where the solution they initially invested in could not meet their needs. See how FilmTrack's powerful solution helped them manage their growing library.