No matter how glamorous the Media & Entertainment industry might be, its economy is volatile and uncertain. Besides the companies often forming, reforming, and merging, rapidly changing consumer tastes also adds to the uncertainty. The industry heavily relies on contracts and management of ever-changing contracts to tackle this instability and protect the commercial interests of all the parties.
Usually, the industry is subject to general oversight under many statutes. However, they also face narrower forms of regulation, such as by the Federal Communications Commission, which regulates interstate and international communications by radio, television, wire, satellite, and cable. Apart from that, several issue-specific statutes affect the Media & Entertainment companies.
The companies must consider all the regulations by different statutes while producing and distributing content. An efficient contract management system ensures you comply with the dynamic rules and protect your company against unnecessary lawsuits and losses.
Media & Entertainment industry deals with several types of contracts, including intellectual property, contract for rights, personal service agreements, option agreements, freelance agreements, etc. Tracking this variety of contracts in huge numbers becomes quite challenging. From a lack of visibility into contract expiration or renewal dates to tracking key performance indicators, the industry faces numerous other challenges in contract management.
With all the other vital tasks on the plate, constant surveillance to avoid undesired access to contracts not only becomes an extra headache but is also practically impossible. Moreover, the inefficient storage method leaves plenty of scope for losing important documents.
Advanced contract management solutions can help the industry tackle these issues so that they can stay focused on other vital aspects of the business.
Having worked with Media and Entertainment companies, Zycus understands the changing needs of the industry and can assist them in the following ways:
Find out how to create a strong foundation for boosting enterprise-wide contract compliance