Digital is not the future, it’s already here — and monetizing it is becoming more complex. Before services such as Netflix, Hulu, and Amazon rose to prominence, agreements concerning royalties were much simpler. This is because there were a fewer number of transactions involved in the deal-making process.
But in the era of the digital boom –– where streaming is king –– the media and entertainment industry is now characterized by complex supply chains and varying rights agreements.
Because of this shift, it’s no longer practical to rely solely on custom spreadsheets and home-grown systems to manage royalty and rights calculations. In order to handle the volume of content being licensed and distributed, you need a royalty management software as flexible and scalable as your organization.
With FilmTrack, your finance team can easily define, receive, validate, process, and invoice all royalties with the simple click of a button. Our central content and rights management platform provides your team with the real-time data insights and analytics reports needed to make critical decisions for growth.
Utilizing our software, here’s how your finance team can quickly streamline complex business operations:
- Step #1: Establish royalty definitions
Pull pertinent information from your licensing agreement (e.g. how much profit you will receive for every purchase/view/ticket/etc.) then upload directly to the platform.
- Step #2: Mass ingest royalty statements by licensee
Instead of having to manually input data –– which could be up to 10,000 lines when it comes to VOD statements –– our software allows users to automate the entire ingestion process.
- Step #3: Process and calculate royalty statements
Our software reduces the risk of human error by automatically generating detailed royalty statements.
- Step #4: Budget for and report on royalty statements
FilmTrack gives you the ability to analyze by title, territory, right, channel, and SKU. Verify actual versus projected and identify delinquent statements.
FilmTrack can even streamline your back office with document automation. Our reliable and secure, metadata hub keeps international teams aligned across business units and channels to increase efficiency, mitigate risk, and lower costs.
If you’re ready to see how FilmTrack can help your finance team get ahead in 2018, contact us today to book a demo.