Posted by:
invenioLSI
Publish Date:
19 Aug, 2024
The digital revolution has dramatically reshaped the Media and Entertainment industry, driving some of the most significant changes across any sector. Gone are the days when TV networks and radio stations dictated our viewing and listening habits. Today, we can choose what, when, and how we consume content, thanks to OTT platforms and music streaming services. But behind this consumer freedom are the complexities of rights management. As content delivery methods evolve, the ownership and administration of content rights have become increasingly intricate. Companies now fiercely compete to efficiently manage and monetize those rights.
Successful businesses reap many benefits, including reduced risk of conflict, less manual intervention, increased revenue, and more. To stay ahead of what's to come tomorrow in Media and Entertainment, we'll explore the key advancements of successful rights management strategies of today.
Automating the Mundane
With structured data and full enterprise integration, including external customer access to account records, a centralized rights management system sets the stage for implementing automated workflows to manage rights efficiently.
Integrating AI and machine learning makes everything smoother in rights management. AI can dive into huge data sets to forecast content trends and refine licensing strategies. Meanwhile, machine learning can handle repetitive tasks like rights renewals, purchasing, invoicing, and usage analytics, which can reduce errors and speed up decisions. Companies that automate tasks can spot potential conflicts and revenue opportunities, reduce administrative costs, and make smaller licensing deals more practical and profitable.
Hosting in the Cloud
Having the flexibility to scale resources quickly to meet different needs without being tied down by old-school infrastructure is one of many benefits of shifting to the cloud. It's also a smart cost-cutting move for businesses, eliminating the need for hefty investments in hardware and on-site maintenance. By using scalable resources, you can reduce the burden of physical infrastructure, making operations smoother and better prepared for changing demands.
One major feature of migrating to the cloud is access to blockchain technology. It’s like having a clear roadmap that everyone can see, guaranteeing security and transparency, which builds trust among stakeholders and reduces disagreements over ownership. As these systems become more interconnected, it's important to strengthen cybersecurity measures to protect sensitive information. In the cloud, businesses can safeguard data integrity, comply with global privacy regulations, and prevent data breaches and intellectual property theft.
Trendwatching
Since the rollout of 5G, there's been a major step forward in how we experience media. Faster speeds and lower latency mean we can now enjoy high-definition streaming and real-time interactions in ways we've never experienced before. Not stopping at just generating smoother videos, it also opens the doors to augmented reality (AR) and virtual reality (VR) experiences that feel truly immersive. But with new formats come new challenges for rights management. For example, adhering to content copyright laws, accurately distributing royalties, or preventing unauthorized use may require enhancing or modifying existing rights management strategies.
With the rise of streaming platforms, social media, and influencers, the way we consume content is also transforming. Channels are now going beyond entertainment and becoming powerful avenues for businesses to connect with audiences and monetize content. Whether it’s licensing agreements for viral videos or negotiating partnerships with social media influencers, it’s important to maintain a proactive approach to ensure that your business can maximize revenue at any given opportunity.
Structuralizing Data
Too often departments will operate their own siloed management systems for their specific functions, which limits the sharing and visibility of rights information and hinders revenue optimization. Centralizing information in one place keeps it consistent, updated, and accessible to all teams. A comprehensive rights management system needs consistent and clear information and terminology to provide a full overview of rights availability, usage, contract terms, and history to the right people.
The information should be captured and recorded in a structured format, with pre-defined dimensions to categorize details like products, categories, distribution channels, territories, restrictions, etc. It’s also important to consider both granular and strategic information in each definition to meet various user and reporting needs. This approach helps keep everything organized and useful for different purposes. At the same time, the system should stay flexible to handle changes that may occur without losing the accuracy and depth of the data it manages.
Analyzing with Smart Tools
With a centralized hub, businesses can pull together existing datasets that may be scattered across different departments and locations, giving everyone a clear view of what rights are available, how they're being used, and the history behind each contract. This integrated approach encourages collaboration across teams, with each business function sharing knowledge and observations that support informed decision-making.
Making informed decisions in rights management means tapping into data-driven insights, which is why integrating advanced analytics and visualization tools into systems is key. Integrating supporting systems, such as ERP or DAM, can extend the opportunities for advantages in areas like reporting. These tools provide businesses with a detailed view into consumer behavior, market trends, and content performance, which in turn helps them to tweak strategies, personalize user experiences, and ultimately maximize earnings.
Mapping out a Global Strategy
Because of globalization, navigating rights across different countries and legal frameworks across international markets can be tricky. Each country has its own set of copyright regulations that dictate how content can be used, distributed, and monetized. What might be acceptable or celebrated in one culture could easily offend another. When it comes to localization, it’s important to focus on translation, if not more than adapting content to speak authentically to local audiences, capturing nuances in language and cultural references.
Successfully managing rights on a global scale may require customized licensing agreements to determine where and how content can be distributed across regions and tailored to comply with local laws. It can also mean navigating various approval processes for broadcasts or streams, which can differ significantly from one country to another. However, businesses that combine advanced tech with a global strategy can tackle these challenges head-on and resolve conflicts proactively to avoid backlash or reputational damage, while still capitalizing on opportunities to engage global audiences successfully.
Looking Ahead
In the world of rights management, staying ahead of the competition means staying adaptable. Protecting content, maximizing revenue streams, reducing the risk of liability from rights conflicts, and equipping teams with data-driven insights to seize key opportunities are all characteristics of good rights management. Businesses all of sizes in media and entertainment will continue to face the imperative to continually innovate and by being flexible, they can jump on new opportunities to monetize content, while also making sure they're abiding by current laws and regulations. This strategy not only protects their ideas but also helps them run smoother and create better connections with people all around the globe.
Learn more about content rights management: invenioLSI & RSG Media Simplify the Media Supply Chain