Freeway Entertainment Group and German-based distribution auditor RevCheck have launched a new joint venture offering worldwide revenue reconciliation services to the international film industry.
The venture, announced at this year’s Cannes Marche, is aimed at producers, sales companies, funding bodies, rights owners and talent. The service has been launched in collaboration with global management and accounting outsourcing company, TMF Group.
Gadi Wildstron, managing director of Freeway, said: “Over the past couple of years we have been approached by a significant number of clients asking for our help in securing their fair share of revenues. Joining forces with RevCheck and the expertise of its team enables us to satisfy our clients’ needs from another angle which becomes more and more important given the growing diversification of revenue streams. Even more, as our shareholder TMF Group will play a vital role in this new set-up.”
Most of the fieldwork will be managed by TMF’s accounting professionals with local business backgrounds and local language skills.
Jochen Hesse, managing director of RevCheck, says that this will help producers working with international distributors as they often have to balance the cost of auditors against revenue they expect to earn. “Our collaboration with TMF Group enables us to send local accounting professionals in and report back to the RevCheck team to analyze the findings, saving the producers substantial costs.”
The deal was negotiated for Freeway Entertainment Group by Director, Collection Account Management Martijn Meerstadt and Managing Director Gadi Wildstrom. Media lawyers Matthias Braun (Berlin) and Jobst Upmeier (Munich) brokered the deal for RevCheck.
TMF Group is the majority shareholder in Freeway Entertainment Group.