Dial Square 86, the latest business venture from former Zodiak Media Group executives David and Matthew Frank, is unveiling its RightsXchange (TRX) platform, designed to “transform the global secondary rights market.”
Through TRX, currently in beta testing with select participants, buyers and sellers of television and online content can conduct transactions via a “one-stop shop” which will be able to facilitate the viewing of content, establishing terms of a deal, and ultimately, payment and delivery.
The team behind TRX says the tool uses technology widely used outside of the TV distribution business that can provide distributors and other rights holders with the ability to monetize back catalog, while also giving smaller buyers, including those from emerging markets, more of a level playing field in terms of accessing content.
The platform was developed with London and New York-based Mint Digital, and will be free to use for buyers and sellers. Buyers will be able to access content from multiple rights holders at their convenience, and can bid for rights or match the sellers’ published prices. Rights packages, contracts and delivery requirements will be standardized, with a “handling charge” of 10% applied to all transactions conducted through the site.
The company says that TRX has been developed with an exclusive focus on facilitating the sale of television and online content rights, and there are not plans at present to operate in the original commissioning or formats markets.
“The traditional distributor business model (sales teams transacting person-to-person) is struggling for bandwidth to manage the increase in the number of buyers,” said David Frank, former Zodiak Media CEO, and TRX executive chairman, in a statement. “Consequently many rights holders understandably prioritize selling high value rights to high value buyers. But this can leave the long tail rights underexploited. TRX can transform the way we trade in content rights – providing service and value to all participants, regardless of size, budget or location.”
Matthew Frank, former CEO of Zodiak Rights and current CEO of the new initiative, added: “We’ve already received incredibly positive feedback from distributors large and small as well as broadcasters who see the TRX platform as the means to enhance sales and streamline work processes.”
The principals of Dial Square 86 say that TRX will now be the sole focus of the holding company’s activities. It had acquired Red Hare Digital in October of 2014 as part of its original mandate to acquire forward-thinking operations with a focus on “content origination, enhancement and exploitation.”