AllRites just announced the launch of a global B2B marketplace for Asian film, tv, and sports broadcast content, providing an online platform to discover, negotiate and purchase content rights.
As the first fully operational online platform for content buyers and sellers, the AllRites Marketplace already has over 17,000 hours of available content online, which makes it the largest Asia-based online trading platform for Asian broadcast content.
Partners, such as IMG, Mediacorp Singapore, Silver Wolf International, MNC Indonesia, and New Films International, contribute already content across all genres—movies, documentaries, drama, reality TV, music and sports. Recently, AllRites met with European and US content providers at the global TV and digital content conference MIPTV in Cannes, where a few new Deal Memorandums could be initiated. Once signed, new content gets immediately uploaded to the Marketplace.
Riaz Mehta, Founder and CEO of AllRites, said, “The US$2 trillion media and entertainment industry is poised for major technology disruption, given the massive shifts in viewing patterns, the emergence of independent content creators, and the rise of new content types and sources of content. But, the content ecosystem remains highly fragmented, siloed, and inefficient for content sellers and buyers.”
“Content distribution is a very costly and lengthy process—attending trade fairs and film festivals, months of emails with disjointed players, paper contracts, and flying around the world to close deals and access new markets. It can take three to twelve months to close a deal. This creates high costs—with distributors charging up to 40 per cent commission—and deals are often non-transparent, exclusive, and non-accommodating to small production houses. Our online marketplace reduces costs of distribution by up to 70 per cent, while shortening the process for buyers to discover, negotiate, pay and receive content from months to a single day”, he explained.
For content creators, whether they are big film studios or independent producers, the AllRites Marketplace provides a platform to find authenticated buyers. For content buyers, the platform provides a global catalogue, allowing them to search for content, find instant content rights availabilities and make offers for content rights all online. The data-driven platform can be searched with various criteria such as genre, region, actors, and language. The platform is free to list content and for authenticated buyers to search. A small fee is charged on completed deals.
According to PwC, three of the top ten fastest growing territories for entertainment and media spending are from Asia, namely China, India and Indonesia. Between 2016-2021, the entertainment and media sector is projected to grow 7.2 per cent in Southeast Asia, reaching US$64.5 billion in 2021. Asian content continues to grow relative to other markets, with China set to surpass Hollywood and Bollywood to become the world’s largest film market by 2020.
Mehta stated, “Having launched the first fully functional B2B marketplace for Asian broadcast content, we’re developing the technology to become a comprehensive ecosystem that incorporates monetising unsold rights and sharing revenue with content creators, and a crowdfunding platform for consumers and stakeholders to directly support and benefit from creative concepts they believe in.”
“Beyond the AllRites Marketplace, our vision is a powerful, efficient, scalable ecosystem that leverages technology to enable transparent trade among content producers and buyers, funding of creative ideas and direct streaming to end-customers. AllRites is looking into exciting opportunities such as blockchain that can solve longstanding industry issues such as the protection of rights and identity management, distribution of earnings, transparency and speed of transactions, and more efficient monetisation of content,” Mehta concluded.
It really looks like AllRites is on a trajectory to become the first global B2B and B2C Media Ecosystem for content rights – although it is operational since July 2017. It intends to scale trade among content producers and buyers, funding of creative ideas and direct streaming to consumers. Taking advantage of trends in the media industry and advancements in technology, the company disrupts the $2 trillion media and entertainment industry by changing the way content is discovered by buyers, distributed by producers and consumed by viewers, making discovery, negotiation and closure of a rights package quicker, easier and safer. It reduces transaction costs involved in the distribution of content rights by up to 70% and shortens the content discovery to sale process from months to a mere hour.