Rights Royalty Standards WG
Working group plans and resources
Current Situation
Reconciling royalty statements, a critical piece of publishing communication, can be time-consuming and confusing. The Rights Royalty Standards working group has created an outline for a set of best practices and a proposed standard. The working group is now extending its efforts to define terms and provide resources for the components of the proposed standard.
Objectives
The working group was initially formed to draft a proposed standard for the minimum set of information that should be provided for a book published in another market. A proposed standard was published in May 2024, and the working group is now focused on creating shared definitions of the components of the proposed standard. The definitions will inform the industry, help standardize data transfer, and increase uptake between rightsholders and their licensees.
Stakeholder Impact
- Improve the process for statement ingestion and analysis, leading to increased revenue
- Allow for more time to be spent on making new deals, and in new markets, as a result of reduced administrative requirements
- Create an opportunity for the implementation of new tools and technology to improve negotiations
- Reduce errors and inaccuracies at the most basic level
Deliverables
The working group has already delivered two drafts of a proposed standard. In 2025, the proposed standard will be augmented by definitions of the components of the standard. A promotional effort to create awareness and uptake of the standard will follow.
Blockers
The working group is small, and implementation of the proposed standard spans publishers, industry partners that sell rights and royalties solutions, and licensees in markets outside the U.S. Supportingof the BISG rights committee and the working group is critical to making progress in this effort.