Studios are always focused on generating more revenues. That's why studios, vendors and production departments are starting to leverage one of the goldmines of the decade: virtual production technology.
Virtual production technology is an umbrella term that encapsulates all of the 3D programs, software platforms, and other technologies that are used during virtual production. All of these working together help studios and vendors scale their production prowess by improving efficiency and making new filming techniques possible. It’s no wonder the market for virtual production is on track to reach about $4.7 billion by 2028.
It might sound counterintuitive to invest time and an initial investment for this type of technology to make money, but you can’t make an omelet without cracking a few eggs. Or, in this case, cutting out antiquated processes to save time and enable faster media production.
And where there’s more production, there’s more revenue.
Across many production teams and vendors in the industry, we’ve found that using a Digital Asset Management (DAM) platform helps manage generated assets more effectively. Before we dive into how a DAM generates more revenue, let’s take a step back and discuss how your production can be streamlined with such technology.
Remember That Time is Money
The process of adding and removing digital files into Box, Dropbox, or even carrying around physical drives is not a viable process for modern production teams.
A DAM platform centralizes your assets (and even integrates with Box!) and their associated production workflows, which helps you understand the true scope of what you have and what you need. It allows production teams to generate and approve assets in a focused and clear manner, even while remote.
This technology, when used during pre-production, production, and post-production, can save hours of unnecessary labor. When time is saved, so is money.
Generate and approve assets more effectively
When there’s media being created, whether for a film, game, or VFX studio, there are many approval hoops to jump through. A DAM platform provides a real-time collaboration tool for every key personnel on the team.
For both VFX vendors and departments, a DAM helps smooth out the internal distribution of assets for review. Imagine, from day one of a project, that you could securely send files or documents, and even get them automatically watermarked, saving you both the time and energy.
And that’s only a fraction of what a DAM offers.
Speed up the production pipeline
Virtual production technology enables focus and clarity in the production pipeline. How? It enables decision-makers to make decisions faster, and save time on post-production revisions and re-shooting scenes.
For example, a major studio like Marvel has hundreds, even thousands, of partners that their production team communicates with for their projects. This avoids duplication of work, and streamlines what would traditionally be a manual and complicated process.
With some production teams still working remotely after the first wave of COVID-19, a DAM allows for high-quality live reviews and instant approval workflows. Making these decisions early in production helps streamline the entire filming process, especially once actors arrive on set.
Eliminate wasteful processes
When production teams use this digital management technology, it creates a layer of efficiency that cuts out the more traditional, slower management. This increase in production pacing enables decision makers to make those key decisions faster, more efficiently, and overall, at a more cost-productive manner.
In short, even while remote, a DAM saves time and encourages a faster production schedule, which ultimately leads to more revenue.
More Production, More Revenue
A DAM is not just for major studios like Marvel or Warner Bros. While studios use this technology to make more money, there are other reasons they are beneficial.
Think of a DAM platform as a micro way to make money versus a macro output. To put it into perspective, this production management software manages the approval and processes of the MACRO revenue source (the film, game, or other media). In the past, teams would lose money during this process because before DAM, it was an extremely laborious process.
DAM creates more efficient processes and streamlines the mechanics of the actual production, versus the older way of how macro management was done. That’s why studios like Marvel, who are managing at least 37 titles across films and TV series in 2022 alone, need a platform to manage their assets and characters. Without virtual production technology like a DAM, Marvel might not have been capable of producing that volume of content in the first place.
A DAM Platform Isn’t Just for Major Studios
It’s not just for studios like Marvel or Warner Bros. This virtual production technology can earn your team more revenue whether you’re an agency, a video game studio, a VFX department or vendor, or even an enterprise.
A DAM platform is also an internal distribution channel to get digital assets to your partners or vendors in a secure and fast fashion.
Virtual Production Technology Equals More Time & Money
DAM platforms work together with studios and other media creators on this entirely new kind of way of managing production. It generates massive amounts of time savings, which leads to more revenue over time. DAM software has enabled cost savings across the entire production pipeline, and has supported many media industries since its creation.
So, does your team want to make more money and save time during production? Then it might be time to leave behind outdated workflows and start integrating the latest virtual production technology into your current technology.
Unsure where to start looking for a reliable DAM platform? Schedule a demo with our Digital Asset Management experts today and start your new revenue-generating journey!