The Royalty Business Has Changed
Royalty Management was once a straightforward task involving easy to follow contractual details. The physical sale of music, art, and books meant it was simpler to keep track of intellectual property rights and paying out the appropriate rights holders. Today, companies are shifting their focus online as consumers are growingly accustomed to a globalized economy where everything can be found on their devices. This convenience has come with hefty complexities for any organization involved in paying or collecting royalties.
Regulatory boards passed intricate and lengthy regulations to squash the nefarious sharing and distribution of intellectual property. New investments in apps and sites to purchase and use works legally are the new norm. From music streaming and e-books to file downloads and images, creators have new avenues to make money. Nevertheless, with hundreds of new organizations involved in managing intellectual property and thousands of new protected works added online daily, keeping track of owed monies and payment distribution has more demands than a spreadsheet can handle.
Burn out is inevitable for those not using tools to manage royalty intricacies
Software designed specifically for the collection and distribution of royalties can significantly reduce the burden on collecting societies and businesses dealing with IP. Complex royalty calculations, such as those for streaming that have many configurations depending on a variety of factors, must be automated for optimal efficiency and accuracy. Traditional royalty management mechanisms cannot handle the quantity of data processing royalties today require. Further, software products ensure that you are not violating established regulations.
Systems like Evron’s Royalty Management Suite are built with hundreds of different rules and tariffs already baked into the software. Paying the correct percentage is as simple as selecting the applicable tariff (live show, played in a restaurant, etc.) and…that’s it. The application handles the rest. This means there’s no guessing or referring elsewhere to check if every payment is done correctly as it is a fully automated system.
Perhaps most important, is paying the rights holders on time. Royalty Management Software takes the hassle, processing, and errors out of collecting and distributing royalties, allowing creators to get their money faster. When searching for a business to host their work, accuracy, and efficiency of payment is a critical factor in a rights holder’s decision.
For many organizations today, giving access to intellectual property is their business. How much money is coming in is just as important as what is going out in royalties. This is why Evron developed a royalty management solution that is fully integrated with an ERP. Keeping your financials siloed in different systems results in different versions of the truth, ultimately confusing employees. Evron RMS is built on Epicor ERP, providing a single source of truth and a single place to look at to make informed business decisions. Your financials are a key source of data that can be leveraged to make your business more profitable over your competitors.
Evron’s royalty suite is the only royalty system built entirely on top of an ERP system. Comprised of advanced functionalities unique to Evron, Evron RMS empowers businesses to focus on what matters most to them– getting creators paid and encouraging talent to join them.