2FM receives royalty and usage data in a number of non-standard formats from their worldwide distributors. This data has to be parsed and referenced against royalty share information for each track, which is stored by a third party music metadata aggregator. Royalties received must then be paid to all interested parties, including composers, publishers and production companies.
This presented a complex and time-consuming administration task each time it was necessary to distribute royalties to all interested parties. Originally, the royalty statements were manually parsed, copied to a spreadsheet, and amounts owed were calculated using spreadsheet formulae. This was a slow, error-prone process, and as the library and number of interested parties grew, it became infeasible to achieve without automation.
Klever worked with 2nd Foundation Music to specify and build a bespoke system which automates their music library management, worldwide usage reporting and royalty payment calculation. This saves hundreds of administration hours, removes the room for human error, and provides a clear audit trail for all calculations and payments.
There is no comparable product on the market that could achieve the same customisation. At a high level, the system consists of:
Because the system deals with monetary payments, there is no room for error. The code base is fully unit tested, with a complete continuous integration and continuous deployment (CI/CD) workflow for high-availability.