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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.
Royalty Tracker gives you the powerful tools you need to succeed in today’s global content markets.
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