Media has evolved significantly over the time, from traditional media to digital media. Traditional media such as Press, Radio, Television are being replaced by digital media platform. Every individual possess mobile, cameras, software, Television, or other means of technology with internet facility has transformed the media and entertainment industry. This Digital media platform helps to interact and communicate with audience easily and online media has become popular to share news, daily updates and so on. This has led to the shift in consumer behavior and technological advances in order to alter creation and delivery of all their day to day activity.
What is Media?
Media & Entertainment Industry and Indian Legislations:
With the advancement of technology and the availability of the fast internet there has been an increase in income and increase in the purchase of consumer durable as well. This industry has aided country's industry and made India leading in using these digital products. Media and Entertainment industries are volatile and uncertain, they merge, reform, change, or transform a lot.
Every industry has certain rules and regulations or compliance as well as authority to govern it. In India, we have Acts, rules and authorities to govern it, right from starting a media company.
Press and Registration of Periodicals Act, 2023 where it allows publishers to register periodicals online by submitting application to the concern authority.
Press Council Act, 1978 establishes the Press Council of India as a statutory quasi-judicial authority, that creates a code of conduct for journalist, news agencies and newspapers.
Cable Television Networks (Regulations) Act, 1995 regulates the operation of cable Television networks in the country.
MIB and TRAI are the authority to regulate the broadcasting sector.
Indian telegraph Act, 1885 gives power to install lines i.e. telegraph lines on public as well as on private property.
The information Technology Act, 2000 has the rules to regulate all internet-related activity.
Do contracts play a role in the Media Industry?
As mentioned earlier, if a media company changes constantly, then they need to look into the existing agreements and to have a check on how to protect them. Contracts are more important in the fast paced media and entertainment industry, they establish terms and conditions in order to reduce or minimize dispute and risk. These Agreements protect the integrity of the company or the industry. In such case, there will be a need for a platform or application to look into the existing & upcoming contracts and also to have a track of all those agreements status and compliance. While creating an entertainment content there involves a lot of effort and the process of signing an agreement. It goes through approval, collaboration, negotiation and then signing.
Type of Contracts involved in Media and Entertainment Industry:
In the Media and Entertainment Industry there involves many contracts, such as Service Agreement, Distribution Agreement, Production Agreement, Broadcasting Agreement, Artist Engagement Agreement, Sponsorship Agreement, Copyright Agreement, Freelancing Contract, Employment Agreement, Non - Disclosure Agreement (NDA), Statement Of Work (SOW), Agent Agreement, Advertisement Trade Agreement and so on.
In order to execute these contracts at ease, a Contract Management software helps to smoothen the lifecycle process and mitigate the business risk in overall. We highly recommend Zoho Contracts for managing the contracts to monitor, track and execute the contracts in a single window.
Why there is a need for Contracts Management Software?
A Contract's lifecycle starts from drafting a contract and goes through various stages. A Contracts Management Software becomes essential for the smooth functioning in order to ease the contract signing and quality productions. As the Media and Entertainment industry's economy is unstable and uncertain, they reform and merge a lot. In order to address such challenges and also to protect the commercial interest of the parties, having a Contracts Management Software will be a great relief for them.
The involvement of Contracts in the Media and Entertainment Industry is heavy. As a result, having a track of all those contracts becomes difficult. This industry faces numerous challenges such as: Incompetent method to store the contracts, Poor compliance, missed renewals and lose of track of all the amendments made in a contract.
How Zoho Contracts helps Media Industry?
Any industry with poor or improper maintenance of the contracts leads to major financial loss or damages. Having a good solution or platform to manage all the contracts and agreements lead to improved efficiency. In Zoho Contracts we have a central repository to manage all the agreements and contracts in one place, enabling the organization to work efficiently.
Having a streamlined contracts helps business to develop as it increases productivity and get things done quick.
It enhances efficiency and reduces operational cost for the organization as it reduces the time to manage those heavy contracts.
It helps the organization to be complaint with the rules and regulations in accordance with the Indian Legislation.
Having a Zoho Contracts reduces the financial risk, reputational or brand risk, Security risk and legal risk as well.
In order to have a streamlined operations as well as to be in align with the contract's terms and conditions there is a need to have a check on all the contracts. Having a good contract and a Contract Management tool enables them to have a check on the accepted terms by both the parties thus reducing the misunderstanding among the parties and reduced litigation.
