We live in an era in which consumers control the show. This is especially true when it comes to the media & entertainment sector, where the explosion of digital content and the rise of the Netflix distribution model have made business operations more complicated than ever before. From managing content rights and availabilities to royalty and intellectual property, the digital age has required companies to adapt at warp speed to keep pace. Fortunately, cloud solutions offer an attractive resolution to this dilemma as they’re able to help M&E businesses manage complex workflows and new revenue streams more efficiently.
But before we dive into the myriad benefits, let’s start with the basics.
What is Cloud Computing?
Simply put, cloud computing takes the heavy lifting off of hosting, storing, or processing data, applications, and other IT resources on locally managed hardware. Instead, the internet essentially acts as “the cloud” which means a user does not need to be in a specific location to gain access to the information stored in it.
According to Forrester, the cloud computing market is anticipated to reach $191 billion by the year 2020. And Gartner predicts that half of global enterprises currently operating in the cloud will have gone all-in on it by 2021.
Different Types of Cloud Computing
As cloud computing has grown in popularity over the years, three specific models have emerged to help meet the needs of different user bases.
- Software as a Service (SaaS)
SaaS is arguably the most familiar version of cloud computing. In this web-based model, software vendors host and maintain the servers, databases, and code that constitute an application; the software product is then delivered to users over the internet on a subscription basis. With SaaS, businesses don’t have to worry about upfront installation purchases or ongoing maintenance costs. Furthermore, its pay-as-you-go model provides fantastic flexibility and scalability.
- Platform as a Service (PaaS)
PaaS functions at a lower level than SaaS, but is also one of the most complex forms of cloud computing. In this model, a service provider delivers a platform to clients which enables them to develop, run, and manage business applications without the need to build and maintain the infrastructure on their own. One of the main benefits of PaaS is that businesses don’t have to manage the underlying infrastructure.
- Infrastructure as a Service (IaaS)
At the bottom of the cloud computing stack is IaaS. With infrastructure as a service, businesses can rent physical or virtual servers, storage, and networking from a cloud vendor. This model is especially attractive to vendors that want to build systems from the ground up and have complete control of nearly all IT elements.
Cloud Computing and Rights Management for M&E Businesses
The proliferation of mobile devices, VOD, and social media platforms demand flexible business models to meet the needs of today’s digitally-driven consumer. By understanding the complexities of content rights management, and utilizing cloud-based technologies to solve for it, media & entertainment companies are able to keep pace with the ever-evolving landscape.
While there are myriad benefits to cloud computing, the following are some of the standout capabilities for media & entertainment businesses:
- Store content, documents, and related assets in a connected environment.
- Automate complex contract creation processes surrounding SVOD deals.
- Manage, process, and deliver massive amounts of data at lightning speed.
- Access real-time information on acquisitions, sales, and availability details from any device –– any time, anywhere.
- Safeguard information from internal mishaps and malicious external threats.
- Calculate granular details surrounding financial data, such as invoicing, revenue recognition, and cash application.
- Substantially reduce both capital expenditure and fixed costs.
The shift to cloud computing is something that can no longer be ignored. In essence, by investing in the cloud, media & entertainment businesses have the ability to speed up manual legacy processes, ultimately saving time, money, and valuable resources.
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