Effective catalog management is crucial for music professionals today, provided large volumes of musical compositions are created and consumed daily. Let’s dive deep to learn more about how we can leverage catalog management tools to help music business.
What is Catalog?
In the music industry, a Catalog is a collection of songs or musical compositions the same owner puts together.
How do you manage a music catalog?
To have an organized music catalog, using the right tool to manage it becomes necessary as it directly impacts rights management, music royalties, copyright, licensing, and music distribution.
Starting from organizing music files, having a database to store metadata information (e.g., title, artist, album, release date, genre, composer, songwriter, and any other relevant information) for each music asset, version tracking, access control for different users, regular audits to metadata, regular updation, tracking royalties and seamless integration into other systems for data exchange are some of the functions and features to check for in a good catalog management software.
How does catalog management help achieve higher revenue?
- Music catalog management helps companies maximize revenue streams by ensuring accurate rights management, effective licensing, and efficient royalty collection.
- A well-organized music catalog has accurate and complete metadata. This reduces errors in royalty collections, calculation, and distribution and increases revenue.
- Licensing becomes easier. Rightsholders can now easily allow the use of their music in films, commercials, TV shows, and streaming platforms due to the right data management. License opportunities are not missed, thus maximizing license fees.
- Royalty calculations are simpler. Automating the tracking and collection of these royalties with catalog management software lowers administrative expenses and ensures that all income streams are accounted for.
- Music distribution is streamlined. Catalog management ensures that music is distributed accurately and efficiently to digital platforms, online stores, radio stations, and other distribution channels. This maximizes the reach of the music and increases its revenue potential.
Benefits of using a catalog management tool
Copyright managers can now keep an eye. Accurate management prevents unauthorized use of music, protecting against potential revenue loss and legal issues.
Scalability. As you scale your organization, an efficient tool that can handle growing music catalogs and complex royalty calculations is necessary, making it suitable for small and large music organizations.
Enhanced collaboration. A well-organized catalog with rich metadata increases data sharing with third-party sources. This effective collaboration among music professionals, artists, managers, labels, publishers, and other rights societies can lead to more successful releases and revenue-generating opportunities.
Catalog management software increases operational efficiency. Music companies can focus on revenue-generating activities by automating manual processes and reducing administrative costs.
Noctil offers a no-code platform that uses AI/ML technology to help the music and audio-visual industry meet their catalog management needs.
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