Cineverse Inks Deal to Use Whip Media’s Content Partner Payments Platform
September 21, 2023
Entertainment and streaming technology company Cineverse has announced a partnership to use Whip Media’s Content Value Management (CVM) software platform.
With the platform, Whip Media will help Cineverse automate and more efficiently manage content partner royalty payments for its expansive distribution network across Cineverse direct and third-party platforms.
Cineverse distributes content from hundreds of content providers through its FAST/AVOD channels, SVOD service, TVOD/EST distribution and physical home entertainment products.
“The rapid growth of Cineverse required a new system to scale and efficiently handle financial activities for the high volume of content partner contracts and licenses, such as royalty calculations, revenue statement generation and issuance of payment to partners on a monthly and quarterly basis,” according to a press release.
Currently, Cineverse must create more than 1,700 complex financial statements per quarter which require significant manual effort to manage, according to the release.
Cineverse will leverage the CVM platform for content partner payments to capture all contractual financial terms for each content provider, and ingest performance and revenue data from Matchpoint Insights — part of Cineverse’s proprietary suite of streaming technology products. By consolidating sales, performance and revenue data, CVM can automate the calculation of royalties due to each provider and accurately generate royalty statements, according to the release. What has historically been a manual process will be transformed into a highly scalable solution that radically reduces costs, increases efficiency, and improves accuracy, according to the release.
“We’re excited to partner with Cineverse, an entertainment technology and streaming trailblazer that has created an innovative solution that eliminates the expensive, time-consuming manual process required for preparing film and television assets for broad global distribution,” Saj Jayasinghe, Whip Media’s EVP of global revenue, said in a statement. “Our partnership will allow Cineverse to optimize their workflow and automate their digital supply chain by utilizing our platform to streamline their financial reconciliation process and extend automation to a much higher level on the financial side.”
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“Our partnership with Whip Media is critical as it helps fill a gap in our technology stack,” Tony Huidor, chief operating officer and chief technology officer at Cineverse, said in a statement. “We feel that developing financial-based software is not our core competency so partnering with Whip Media and leveraging their best-in-class technology allows us to address a significant unmet need in the rapidly growing streaming marketplace: an end-to-end solution from content ingestion and delivery all the way to reporting and payment,””This comes at a time when the legacy entertainment industry desperately needs to shift towards video-on-demand and FAST services, giving us the ability to scale quickly via automation and pave the way via an all-in-one solution.”