Integration into Matchpoint Insights will
Allow Cineverse to Automate Processing of Content Partner Payments
to Over 1,700 Licensors Across FAST, AVOD, SVOD, and TVOD
LOS
ANGELES, Sept. 21, 2023 /PRNewswire/ -- Cineverse
Corp. (NASDAQ: CNVS), a global streaming technology and
entertainment company with one of the world's largest portfolios of
streaming channels and content libraries, announced today a
partnership with Whip Media, the leading enterprise software
platform and data provider to the world's largest entertainment
organizations. 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 1,700 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 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."
"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."
About Whip Media
Whip Media is reimagining content
licensing to create a smarter, more connected entertainment
ecosystem. We help the world's leading entertainment organizations
succeed in today's high-volume, high-velocity global content
environment with a market leading cloud software platform that
combines unique, actionable insights with scalable, connected
workflows for licensing, content planning and financial operations.
For more information, visit www.whipmedia.com.
About Cineverse
Cineverse is a global streaming
technology and entertainment company with one of the world's
largest portfolios of streaming channels and content libraries, all
powered by its advanced, proprietary technology platform. Cineverse
currently features enthusiast brands for subscription video on
demand (SVOD), advertising-based video on demand (AVOD) and free,
ad-supported streaming television (FAST) channels. Cineverse
entertains consumers around the globe by providing premium feature
film and television series, enthusiast streaming channels and
technology services to some of the world's largest media, retail,
and technology companies. For more information, please visit
www.cineverse.com.
For additional information, please contact:
Press Contact for Whip Media
Jerry Inman
press@whipmedia.com
Press Contact for Cineverse:
For Media, The Lippin Group
cineverse@lippingroup.com
For Investors, Julie Milstead
investorrelations@cineverse.com
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SOURCE Cineverse Corp.