Global digital asset management market size is predicted to grow to about $6 billion by 2025 because of the increased digitization of content, the need to effectively collaborate using the digital assets, and to ensure better security for the digital assets to avoid copyright issues. Media and entertainment are expected to be the largest market that will take advantage of digital asset management solutions.
Why does the media and entertainment industry require digital asset management?
A large volume of digital assets is generated by the media and entertainment industry from movies and podcasts to movie clips, interactive images, posters, and e-content that have to be stored, delivered to customers, or transferred to specific departments for editing, review, and approval. The demand for digital asset management solutions is highest in the industry because they have to improve their business processes with high technology solutions.
Digital asset management systems can solve the problems of multimedia overload. Thousands of images, videos, and sounds are created every day and the files have to be sorted so that they can be efficiently used. A digital asset management solution is built for this purpose so that teams in various roles in the entertainment industry will know where to find the multimedia assets to make their tasks simpler.
There are many different tasks in the entertainment industry and a digital asset management system is designed to be the single tool that the organization needs to complete the tasks. The system understands the different roles of the users and can provide functionality accordingly. There are no confusing tools and options that users do not require.
One of the tools that digital asset management systems provide is the ability to look through photos, approve them or reject them according to the number of rejections allowed as stated in the contract. Meanwhile, an editor will have the ability to edit material, add metadata because it is their function.
Security is one of the important benefits of a digital asset management system. One of the rules in the media and entertainment industry is to limit the exposure of digital assets to users that are not allowed by the company. The design of the system is ideal in enforcing tighter security so that access will be restricted according to functionality and only to a limited number of users that require them. Firms in the entertainment industry can sort, secure, search and use all their multimedia assets to be competitive and succeed in the industry.
An example of an entertainment brand that uses digital asset management solutions is Marvel Studios. Digital asset management is used to administer company and user account permissions and assist in the secure collection and transfer of digital assets from internal and external sources.
Marvel Studios uses 5th Kind digital asset management solutions exclusively to achieve outstanding results and great creative output. 5th Kind is more than just a great technology; it is a digital asset management partner with a hard-working team that collaborates to help push the boundaries of efficiency and effectiveness and help the business do better.