With the myriad of ways films, shows, and general content can be sold around the world, staying on top of what you can sell and when and where money should be coming in and out requires a robust software solution.
Managing entertainment rights is not rocket science—but it's plenty complicated. And many media companies surprisingly rely on manual tasks like spreadsheet tracking that are full of inherent security risks and human errors and provide limited visibility limiting financial opportunities.
Or, when a media company invests in software to help manage contracts and licensing, too often, they outgrow what they start with. They find their investment unable to scale, meaning they have to reinvest and spend a lot of time rebuilding their library and integrating it into business systems.
4 Features Media Companies Need From Rights Management Software
Let's spell it out. Here are the software tools you really need to ensure that:
A) Your sales team knows what is at their fingertips to sell
B) Your finance team can keep up with payments and monies owed
To achieve this, you need:
- Contract Tracking - Get real-time asset status, with regional and timeline updates. Your rights software should automate reminders for expiring deals and readily provide sell-off information so you never miss another rights window.
- Availabilities Management - Access up-to-date availabilities data. When your sales team has deeper insights into availabilities, they can get to market quicker and increase your revenue.
- Detailed Financials - Your software should have the ability to handle the most complex, multi-dimensional calculations on rights and finances (i.e., global currencies, exchange rates, billing, bank accounts, etc.).
- Industry Expertise - Your provider should be a consultative partner and offer sharp analysis and deep industry insights to help you flush out opportunities and maximize profits.
FilmTrack's Entertainment Rights Software Performs
You do not just need flashy software. You need to get your hands on software that will let you deftly manage rights, royalties, availabilities, contracts, financials, and licensing.
FilmTrack's roots are in the entertainment industry, and we have the expertise to help you manage, report on, and leverage all your assets. Check out our case study, How FilmTrack Helps Studios Easily Manage Entertainment Rights, to learn how!