Your project's Industry Score™ is the dynamically weighted average of all of your project's reviews, contest placements, and scores. It is calculated with the following equation:
Score = xp/10 + x(1−e−q/Q)
Where p is the composite score (after competition weights have been applied), q is the number of evaluations multiplied by their respective weights, x is the number of evaluations (capped at 5), and Q is a constant we assign based on the importance of “quantity” in our calculation.
But let’s break it down for all of us who are not statisticians!
It's important to note that Industry Score™ is not a metric of quality, it's a metric of confidence of quality, which increases with more strong evaluations. Furthermore, your Industry Score™ will never decrease.
Coverfly aggregates scores from a number of competitions and runs them through a proprietary algorithm to calculate the project's Industry Score™. This is the score that industry executives can search by -- for example, they may look for all Comedy TV Pilots with a score above a 350 for their own reading. You can read more about the Industry Score™ here.
If you feel your Industry Score™ is too low or inaccurate, it's probably because your script does not have enough evaluations to increase the score. In general, it takes at least 5 reads to get a sense of where your Industry Score is landing. Remember, however, that most contests have multiple reads. For example, WeScreenplay reads scripts up to 5 times and the Nicholl fellowship reads scripts up to 8 times. So five reads could just be one or two contest entries depending on the contest.
The score is calculated this way, because one of the major considerations for a high score is confidence, and this can only be increased with more strong evaluations (from vetted Coverfly-qualifying contests and professional script evaluation services.
Your Industry Score™ is not used by competitions on Coverfly's platform to evaluate your project. In other words, your Industry Score™ will never affect your performance in competitions and is completely separate from a contest's decision to select your project as a finalist or winner.
Also read: What is a "good" Industry Score?