In rights management, two things can significantly impact profits: spending more than necessary on soft or hidden costs and failing to recognize opportunities. System security is also paramount for protecting creative assets, ensuring secure transactions, preventing financial losses, and complying with industry regulations. Our COO, Michael McGuire, addresses these issues in our latest contribution to M+E Journal.
In the article: Automate Your Bottom Line—System automation is the key to better profits, security, and analytics in rights management , McGuire demonstrates how you address these challenges by employing a powerful rights management platform that provides adequate security and allows for automation.
Why is this so important?
As McGuire explains, soft costs have a serious impact on profits. Administrative costs associated with spreadsheets and basic legacy software leads to inefficiencies, siloed processes, and human errors. Additionally, relying on multiple interfaces (from a datasheet of titles to financials) can cause confusion, decreased productivity, and wasted resources. Companies can avoid missing out on opportunities by adopting an integrated rights management system. An integrated system eliminates the need for separate spreadsheets and allows for comprehensive financial management that considers the complexities of digital distribution.
McGuire also covers how opportunities in rights management are often missed due to poor data integrity and the lack of analytics. Reliable analytics enable sales teams to make informed decisions about future avails, bundle opportunities, and avoid exclusivity collisions. To capitalize on these opportunities, contract and avails data must be readily available, allowing for automated checks of conflicts based on territories, rights, formats, and languages.
A vigorous and flexible automated rights management platform is essential in the highly competitive entertainment industry. As digital channels become the primary means of distribution, manual management of complex financials is increasingly challenging. Adopting a powerful software solution that automates royalty calculations in seconds is essential for staying competitive. A single integrated platform reduces the time spent managing numerous systems and ensures scalability as businesses grow and evolve.
Want to learn more? Catch McGuire's full M+E article!
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