Contract Management for Media & Entertainment

Contract Lifecycle Management Software for Media & Entertainment Industry

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.

Contract Management Challenges in Media & Entertainment Industry

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.

CLM Solutions for Media & Entertainment Industry

Having worked with Media and Entertainment companies, Ultria understands the changing needs of the industry and can assist them in the following ways:

  • Provides secure and centralized storage for all contracts.
  • Combining Natural Language Processing, text analytics, and Optical Character Recognition turn legacy contracts into workable documents.
  • Library of legal-approved and policy-compliant clauses and templates reduces contract authoring cycle-time and errors while engaging with contract parties.
  • Increases visibility and accountability in the contract lifecycle by setting alerts and reminders for renewal or expiry dates, deadlines, payment dates, etc.
  • Performs terms and clauses deviation analysis from defined standards across native and third-party contracts.
  • Configures milestones and metrics for accurate tracking and assessment of contract performance.

Download our eBook for free to know more about the nuances of the Media & Entertainment industry and how advanced contract management solutions like Ultria can speed up and streamline the contracting process.

Other Useful Resources

Blog
February 17, 2022

Contract Management Best Practices to Unlock Savings

Did you know,  Companies in utilities, aerospace, defense, and food manufacturing have 90% or more of their annual revenues represented in contracts? (Source: Mckinsey)  Organizations lose 9.2% of their annual…
contract management in 2022Blog
January 24, 2022

Top Predictions and Considerations for Contracts and CLM in 2022

As we move into the new year, the turbulent Covid-19 conditions of the past two years have made us realize that volatility will be the most dominant trend when predicting the future. This has made organizations that stood on the precipice of digitalization for…
Case StudiesResources
January 20, 2022

US-Based Transportation Giant Company Success Story

Giant builds a massive centralized repository of 1,741 contracts using ultria’s AI-powered CLM About Company : Publicly traded, American motor carrier holding company based in Phoenix, Arizona. Is the result…
Case StudiesResources
January 20, 2022

Global Relocation Management Company Success Story

Salesforce-CLM Integration Helps Global Relocation Management Firm Do Away With Manual Contracting Processes About Company : Global relocation management company that helps leading corporations around the world to relocate their…

Ultria's Integrating of Natural Language Processing with Optical Character Recognition increases the quality of the conversion result and really helps the AI perform at its best.

Director of Legal Operations - F100 High Tech Manufacturer

Automatic creation of navigatable indexes and matching of agreement numbers helps us review agreements and link related agreements quickly and accurately

VP Legal Operations - Engineering Co.

By using Orbit AI's Machine Learning we can train Orbit to find and extract the information we need for compliance and risk analysis.

Director, Risk, F250 Energy Company

Contact us

Call us at +1 609 799 5665 to get in touch with us right now or fill in this form.

Get in Touch

See it in action

See what Ultria can do to take your contract management to the next level.

Request Demo

Get Started Now

Let’s get running with contract lifecycle management and performance analytics.

Meet Orbit