Sunday, May 26, 2024

Cineverse to Manage Content Partner Payments with Whip Media

Streaming technology and entertainment company Cineverse Corp. (NASDAQ: CNVS) has announced a partnership with enterprise software platform and data provider Whip Media. Using its Content Value Management (CVM) software 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. Currently, Cineverse must create over 1700 complex financial statements per quarter which require significant manual effort to manage.

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. What has historically been a manual process will be transformed into a highly scalable solution that radically reduces costs, increases efficiency, and improves accuracy.

“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,” said Saj Jayasinghe, Whip Media’s EVP of Global Revenue. “Our partnership will allow Cineverse to optimise 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.”

“Our partnership with Whip Media is critical as it helps fill a gap in our technology stack. 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,” said Tony Huidor, Chief Operating Officer & Chief Technology Officer at Cineverse. “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.”

Visit https://www.whipmedia.com and https://www.cineverse.com

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