Freeway Entertainment’s partner company RevCheck comments on the benefits of revenue audits for international producers and rights holders in a Screen International report by Geoffrey Macnab, entitled ‘Check The Small Print’.
The report discusses how audits in the entertainment industry, particularly since new business models have transformed deal structures in relation to advances and royalties, are becoming common practice for producers and rights holders looking to ensure they are getting what they’re owed. Jochen Hesse, managing director of distribution auditor RevCheck, said: “It’s absolutely advisable for any producer or sales company to go for audits. Even more [so] once a film is close to recoupment or produces overages.”
Hesse adds that RevCheck’s collaboration with Freeway and parent TMF Group, an accounting firm with offices in every world capital, gives it the local-language skills and accounting and tax knowledge it needs. “It plays out very well for our clients. The auditor provides the specific film-distribution knowledge and is assisted by a local accountant. It is very efficient and saves time and costs.”