IBM and Filmtrust Collaborate on Entertainment Industry e-marketplace

Companies to Create "Total Procurement Solution" for Multi-Billion Dollar Entertainment Business

Select a topic or year

SANTA MONICA, Calif. - 04 Oct 2000: IBM and Filmtrust (www., a leading e-procurement and budget management system for the entertainment/production community, announced today they plan to work together to develop powerful cost savings tools within an e-marketplace for the entertainment industry. The companies intend to bring the benefits of e-business to the entertainment industry through a "total procurement solution,"designed to make the buying and selling process for goods and services streamlined, convenient and cost-efficient. As an IBM Premier Business Partner, Filmtrust will also work with IBM on a "go-to-market" strategy for the entertainment industry.

As part of their agreement, IBM will provide Filmtrust with consulting and market research services to create end-to-end, Web-based and fully-automated procurement solutions. Studios and production companies using the enhanced Filmtrust e-procurement system will save time and resources by taking advantage of Filmtrust's growing network of more than 500 vendors through a fully automated "req2check" process, or the process from when a requisition order is placed to the time a check is cut for payment to vendors.

For studios, production companies and other buyers of entertainment industry goods and services, Filmtrust provides a central location -- the Internet -- where vendor negotiations, transactions and real-time cost accounting can be done from anywhere in the world, making on-location production even more seamless. Vendors from all categories associated with production -- from costume rentals to catering to post-production houses -- can take advantage of the Filmtrust marketplace to interact with customers worldwide.

IBM also plans to leverage its expertise as one of the world's largest providers of e-procurement and sourcing services to offer transaction management, strategic sourcing and supply chain management consultancy as part of Filmtrust's "total procurement solution" approach. IBM's own internal e-procurement processes has saved the company more than $9 billion since 1995.

"The entertainment industry spends a great deal of money on goods and services and can bring dramatic improvements to their bottom line by employing the kind of e-procurement solutions we are developing with Filmtrust," said Steve Canepa, vice president of marketing, Global Media & Entertainment Industry. "IBM is pleased to work with Filmtrust in bringing state-of the art solutions to the entertainment industry."

"We are, of course, delighted to be aligned with a technology leader like IBM," stated Filmtrust's CEO Andrew Adelson. "IBM's industry knowledge and core competency in e-procurement and sourcing will be a perfect complement to our own deep expertise in the entertainment space. Moving forward, we anticipate producing the most adaptable and fully integrated platform of e-business and e-procurement tools in the entertainment industry."

Filmtrust was formed in February of 1999 as a joint venture with Digital Commerce Corporation (DCC), a well-known creator of e-commerce solutions for government and industry. The venture was launched through a strategic alliance between Filmtrust and Entertainment Partners (EP), the leading developer and marketer of entertainment industry production accounting software and services. Filmtrust's current market offering includes cutting-edge web technology which streamlines transactions between producers and vendors and provides project management systems with real-time cost assessment for TV, film, music video and commercial productions.

Related XML feeds
Topics XML feeds
Business partners
Business partner information including strategic alliances