The entertainment industry is booming. With more talent, creators, and money flowing in and out of the industry than ever before, the global entertainment and media market is projected to generate around $48 billion in revenue by 2027 (Global Entertainment and Media Outlook 2023–2027 by PwC). This growth presents a great opportunity for talent agencies, but it also comes with challenges. One of the biggest challenges is contract negotiations.
Contracts can be complex and intimidating, especially for talent agencies that don’t have a team of lawyers on hand. This can lead to talent agencies making mistakes that could cost them money or even their business.
How are most contracts negotiated in the entertainment industry?
In the entertainment industry, most contracts are negotiated by people who do not have a legal background. As a result, talent agencies often rely on the expertise of their business development team to negotiate contracts, however, this can be risky, as they may not have the necessary legal knowledge to protect their clients’ interests. AI-powered contracting platforms can help to mitigate this risk by providing talent agencies with the legal insights they need to negotiate better deals for their clients.
Streamline Your Deal Flow with Kaveat
Kaveat is an AI-driven contracting platform that can help talent agencies navigate the complex world of contract negotiations. Kaveat’s platform allows talent agencies to upload their contracts, and then Kaveat’s AI will automatically identify areas for improvement, provide industry benchmarking data, and convert complicated legal jargon into terminology that is easy to understand. This can save talent agencies time and money, and help them to negotiate better deals for their clients.
How Kaveat Can Help Talent Agencies Negotiate Better Contracts
Identify potential risks in contracts: Kaveat’s AI analytics can identify potential risks in contracts, such as clauses that could be harmful to the talent agency or its clients. This can help talent agencies to avoid making costly mistakes.
Compare contracts to industry benchmarks: Kaveat can compare contracts to industry benchmarks so that talent agencies can see how their contracts stack up against the market standard. This can help them to negotiate better deals for their clients.
Track the progress of contract negotiations: Kaveat can track the progress of contract negotiations so that talent agencies can stay on top of the process and make sure that things are moving forward smoothly.
Collaborate with clients and other stakeholders: Kaveat can help talent agencies to collaborate with clients and other stakeholders, ensuring that everyone is on the same page and the contract negotiation process can be as smooth as possible.
The entertainment industry is a complex and ever-changing industry. This means that contract negotiations can be difficult, even for experienced talent management agencies. AI-powered contract analytics platforms like Kaveat can help talent agencies to streamline the contract negotiation process and protect their clients’ interests.