Jun 21, 2021
When watching the latest summer blockbuster movie, you might think that the industry is at the cutting edge of technology. But behind the curtain, Hollywood is actually clunky and slow to change, and nowhere is this more evident than in the IP acquisition process.
Around 50% of all entertainment is based on existing IP (novels, articles, biographies, memoirs, etc.)—this number is closer to 80% in television. Yet, the process of finding and buying the rights is analog and outdated—a person would have to find the source, spend weeks or months identifying the various rights holders, then negotiating the option rights.
With Every network launching a streaming service, there is a voracious appetite for new content. 700+ new shows launched last year. But did you know, in order to launch even one show, it typically takes 80+ story ideas at the top of the funnel?
Cue Story Scout—an online marketplace that curates IP, pre-negotiates all the rights, and allows studios and independent producers to find and option ideas with the click of a button. StoryScout is an immediate marketplace. They do all the finding of cool stories, clear the rights, represent everything and negotiate the deal. Think of it as an Amazon for cool ideas.
Current subscribers include Sony Television, New Line, and Range Media, with sights set on deals with Netflix, Hulu, Amazon, Warner Bros, NBC, Paramount, HBO, Fox, Sony Pictures, Snap, and CBS. Todd Hoffman, CEO of StoryScout, shares how this kind of tech is hyper-focused for Hollywood’s needs.
Hoffman and his colleagues all come from Hollywood and know what studios are looking for, from super-specific tagging (E.g., Stories set in “Latin America” that are “family-friendly” and “quirky” and are about “divorce”) to film/TV-worthy stories. They’re engineering machine learning tools to help them filter the most interesting, relevant ideas, too.