The Birth of Revedia Revenue Management
Did you know that Symphony MediaAI has more than 35 years of audit and revenue management expertise in the media industry? Partly because we changed our name last year—from Media Audits International—and partly because our work requires high confidentiality and security, not everyone knows our name. But what we do is pretty special.
Historically, MAI was an audit and revenue management services organization. We sent in elite units to perform audits. We conducted affiliate financial services on behalf of our clients— many of the leading programmers and broadcast station owners in the US and around the world.
Back in 2017, we built a software platform for our own internal use—to speed our work and ensure accuracy. In 2018, our internal users, working on behalf of our revenue management clients, began utilizing the software, and we immediately realized the benefits of our hard work and efforts. Over the last few years, we’ve refined the software to create a cutting-edge solution to accurately and efficiently manage over 4,000 license fee agreements across our revenue management services customer base.
In early 2020, after two years of further enhancements and stress-testing, we launched Revedia Revenue Management externally, to the broader industry, as a fully built and ready-to-use cloud-based SaaS solution so that other organizations could benefit from the expert capabilities in-house. Because of COVID-19, we are unable to share what we’ve built face to face, so I want to tell you our story.
Built by experts
What makes Revedia Revenue Management extraordinary is that it was built by our dedicated team of industry experts working hand in hand with really fantastic software engineers. Together, we developed a solution that could handle the spectrum of agreement terms negotiated by our clients’ creative distribution teams and could also overcome the convoluted challenges associated with the industry’s self-reporting revenue models. This is relatively unusual in software development, and utterly unprecedented in our industry.
Our goal was to create an efficient, easy to use interface with fine-grained financial controls to assure accuracy and compliance, business-logic to detect anomalous distributor reporting; and, ultimately mitigate revenue leakage.
I’m particularly proud of how the software is so thoughtfully designed and uniquely tailored to content owners and broadcasters. It’s a thoroughly modern UI, and you don’t have to manage Revedia on your servers—it’s software as a service (SaaS). Users can log in and work from anywhere there is WIFI, without having to VPN into network servers, which is awfully useful given the world we live in these days. We handle all the testing and deployments, while strictly adhering to the requirements of our SOC 2 auditors, so what you get is rock-solid software. And, I also have to mention the premier support from the experts. It’s immodest to say, but customers RAVE about the support they get from Symphony MediaAI.
On top of that, Revedia Revenue Management provides robust features like:
- Subscriber and revenue management
- Robust agreement capture and distributor relationship management
- Accounts receivable, billing and payment processing, and monthly accounting close
- Programmatic upload of key inputs (rate cards, remits, and payments)
- Comprehensive in-application reporting to support distribution, accounting, and finance
- Signal management functionality to authorize and de-authorize programming signals
- A universal MVPD database to efficiently map new agreements and systems
This list of capabilities means Revedia Revenue Management stands alone in the market. However, our journey far from complete. As media content consumption and distribution platforms evolve, you can be assured that our solutions will respond. One area I’m particularly excited about is our pending journey to integrate AI capabilities into everything we do. Backed by our parent company, SymphonyAI Group, we are rapidly working to implement solutions for the use cases where AI can deliver significant value. This means more insights, more efficient operations, and more opportunities to grow revenue for you.
Just the beginning
Symphony MediaAI has taken the first step in implementing our software solutions strategy. Along with the rest of the industry, we are on the path to digital transformation in the media and entertainment industry. Our journey and commitment to delivering innovative products and solutions to the industry have only just begun.