hiblocks has officially finished the first round of the closed beta test of PFS, a media platform budget management system.
Media has always played a big part in today’s society, and the ever-changing technology has enabled people to consume media in ways so different that it would not be possible just a decade ago. People rely heavily on the internet to get their daily dose of content. It could be from Instagram, TikTok, YouTube, or Netflix.
The trend in the OTT platform itself has increased rapidly over the years.
So much so that experts are predicting to see a double in the OTT market worldwide by 2023. The pandemic has also contributed to increasing media consumption. People had to reside in their homes and were unable to travel frequently, which naturally led most to rely on home entertainment. Many big names realized the potential and constantly work to better their services and appeal to the increasing demand. From Netflix, Disney+, Hulu, HBO Max, to Prime Video. YouTube also jumped on the trend and created the YouTube TV.
hiblocks acknowledges the prospect of the media production industry, thus leading to the development of PFS.
What is PFS?
Simply said, it is a media production budget management system tailored specifically for a media production project.
But why is it needed?
As mentioned before, OTT platforms are constantly stepping up their game and this includes investing quite a hefty sum of dollars into creating their original series or movie. Just how much money goes into production, though?
The filmmaking process takes up rigorous steps that cover development, pre-production, shooting, and post-production. This includes casting, scouting for locations, set productions, props, crews, and many more. From 2000 to 2018, the average film released in North American cinemas employed 276 people in crew roles. Some blockbusters could employ 5 to 10 times that number. For example, 3,310 crews were working on the movie Iron man 3 while Avatar involved around 2,984 people for its movie. To give you a context, The Witcher reportedly spent $10 million per episode, and the series that was virtually dubbed as Netflix’s ‘flagship’ product, Stranger Things, spent a whopping $12 million per episode.
In short, filmmaking involves a big number of crews and a lot of money, and budgeting is one of the key essentials in the process. With so many people involved in different stages of a project, it could be quite difficult to keep tabs on the cash flow and how the budget should be managed. This is where PFS comes in handy.
With PFS, the production crew can easily conduct budget creation, execution, tax payment, and post-production all in one place.
One of the features is when the crew can analyze the cash flow and status of funds in real-time by checking the expense report for each time it incurs on PFS, and execute a reasonable budget. This effectively reduces the time needed for the staff in charge of the budget to manually input the data or any miscellaneous expenses that incur during production, thus increasing the efficiency of budget management.
With the first closed-beta test running successfully, hiblocks is now preparing for the next beta test, which will be announced in more detail soon.
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