Prism Launches First-Ever Co-Pro System
At Prism, we’re proud of how closely we partner with venues, promoters and booking agencies to serve the unique needs of the live music industry. Now, after a lot of partner requests, exploration and testing we’re excited to share with you the world’s first Co-Pro system! Our latest add-on premium feature takes the innovative and complex business model of co-pros in live music events and makes it super easy to execute on.
With Co-Pro in Prism users can now easily organize, view and report co-pro deals with just a few clicks.
How does it work?
Once you have Co-Pro activated you’ll be able to see a new “Co-Pro” tab within each event inside your Prism Calendar. This will sit right next to your usual tabs of Deal, Revenue, Cost, Internal Settlement, Run of Show and Advance.
In the new Co-Pro tab, you simply add the company name, primary contact, your partner’s percentage on share of profit & loss and any bonus terms, such as dollar amount of shared ticket sales. Once saved, you’ll have all of the deal terms on one page, including estimated earnings that convert to actual earnings when you confirm the show. Once confirmed you can start adding estimated and actual ticket sales.
On the Revenue tab, you can add specific revenue streams to the co-pro split and decide if a certain revenue stream should be excluded. For instance, you may have agreed to split a portion of bar sales but not merch sales. Furthermore, when you go into the Internal Settlement tab, you will see a line item for Co-Pro earnings automatically. You can easily see how the actual show revenue is distributed between you and one or more of your partners, with revenue and expenses built into the final profits.
What does all of this mean for you?
Warning: expect to save significant amounts of time while staying more organized.
Managing co-pro deals inside Prism is a game changer and designed to be super intuitive. The time intensive and stressful process of bouncing between different systems, looking for spreadsheets, manually tracking all events and calculating splits may just be over.
With Co-Pro in Prism you will be able to:
- Add partner deals to your shows and customize your deal types
- Calculate breakeven and projections while including shared partner risk
- Selectively add revenue streams into co-pro deals
- Streamline partner reimbursements with co-pro settlements
- Get better insight into how co-pros impact your business with custom profit and loss (P&L) reports
- Use time-saving templates for repeated co-pro deals
- Compare co-pro partners and deals
And you can do it all inside of the software you’re already using to manage your shows.
This Co-Pro release is just version one—we have much more planned. But v1 is already incredibly robust and lays the foundation for future enhancements. Our team is already working on v2.
However, if you’re curious to explore what the Co-Pro journey in Prism will look like – we’re starting to work on how we can make the cash reconciliation process easier. Currently, for cash reconciliation, you can download a clean CSV file and use formulas to make your calculations in the spreadsheet, but soon, we hope to add this functionality in Prism. Prism will automatically calculate how much your co-pro partner(s) made, their current balance and whether you owe them or they owe you. Excited yet?
The journey isn’t over. We depend on partner feedback to improve and build upon our software. The more people who use Prism Co-Pro and let us know what they love about it and what they’d like to see next, the better we can build future versions.
How to get started
With the live music industry back in full swing and many of our partners on board with this new premium feature, we hope more organizations in live music will see how beneficial a complete Co-Pro system is for our industry. We invite you to take advantage of the Co-Pro system in Prism and be a part of the journey with us. Get in touch by completing this form. Your life is about to get a whole lot easier with Co-Pro.