As the global demand for quality content grows, foreign publishers look more and more to license from US publishers and vice versa. The good news is that electronic media has made it easier than ever to transact foreign rights. Digital communications make transacting foreign rights easier than ever, but these four trouble spots remain:
1. What rights do you control? Before closing a deal, be absolutely certain that you control the rights that you are licensing. Conversely, know the full range of licensing rights you can maximize, so you won’t miss an opportunity to make a new deal.
2. Timely payments. Always a challenge. Make sure your systems identify past-due payments and expiring agreements. At the same time, they should facilitate collections.
3. Increasingly complex reporting. Once upon a time, it didn’t matter if your accounting systems were able to talk with other companies’ accounting systems. Real people entered and re-entered financial data. With the rapidly growing use of Excel and file based royalty reporting, your royalty systems and processes must both read and generate data streams.
4. How much volume? Global licensing volume is large, yet the increasing number of smaller transactions makes tracking foreign rights sales more challenging. A company needs solid tracking and collections systems and processes in place, as well as a clear knowledge of the cost-benefit threshold for each transaction.
At MetaComet Systems, we made sure to provide digital solutions for these four trouble spots. Our proprietary platform, Royalty Tracker, has a toolkit that alleviates each of these licensing headaches.
- Ensure compliance with your contracts by licensing only the rights that you control.
- Proactively identify expiring rights, ensuring continued revenue generation that is in compliance with your agreement.
- The Automated dunning / collection-notices feature helps you maximize your revenue by maximizing collections.
- Royalty Tracker includes Excel-based royalty statement options.
- Automated license agreement generators save you time when reporting and signing new deals.
- Powerful detailed reporting on all royalty statements clearly delineates all foreign rights activities so your authors can better understand them.
Royalty Tracker gives you the powerful tools you need to succeed in today’s global content markets.