HELSINKI, June 15, 2017 /PRNewswire/ -- The Polaris Nordic alliance of the Danish, Finnish and Norwegian collecting societies Koda, Teosto and TONO announced starting a joint research and development initiative called Polaris Futures Lab. The R &D initiative was launched today at the Sonar+D event held in Barcelona, Spain.
With the joint initiative, the Polaris societies aim for a leading role in the future of music rights management by investing in new technologies and services for music authors and publishers as well as music users. The goal of the initiative is to rethink the current CMO processes with a focus on maximising speed, efficiency and transparency of music performance royalties management.
Focus on radical renewal of the current CMO models
The first phase of the Polaris Futures Lab will focus on identifying key areas for adopting new technologies and developing processes, that would enable a radical renewal of the current CMO (copyright management organisations) model. Results from the Polaris Futures Lab will be rolled out in the Polaris societies starting in 2018.
The Polaris Futures Lab concept has been developed by Teosto Futures Lab, Teosto's innovation platform that was launched in 2016. With an initial focus of 12 months, the Polaris Futures Lab team will begin its work in August 2017 with a concept building phase to identify the development tracks and possible problem areas for the project.
"With Polaris Futures Lab, the Nordic societies aim to be forerunners in adapting collective rights management and licensing processes to the digital age, and answer to the needs of the European Commission's policy objectives on the digital single market and copyright", says Teosto's CEO Katri Sipilä.
"The aim of Polaris Futures Lab is to significantly increase the speed of delivering music performance royalties to authors and publishers, and setting a new industry standard for the service level of CMOs", Sipilä continues.
"The initiative will focus on the possibilities of radically renewing the current music rights management processes, by testing, validating and prototyping potential technologies and service concepts, and evaluating their technological feasibility and business potential", comments CEO of Koda, Anders Lassen.
"Building on our existing and successful Polaris cooperation in IT systems development and research, the Polaris Futures Lab is a significant step in taking the Polaris cooperation further and involving outside experts, networks and ecosystems", summarises Cato Strøm, CEO of TONO.
For more information, please contact
CDO, Director for R&D and IT, Teosto
Deputy CEO Koda
About Polaris Nordic: The three Nordic collective rights management organisations Koda, Teosto and TONO have formed the company Polaris Nordic, a ground-breaking initiative that aims to create higher value for music creators, and lead the way for the future of music rights management.
Polaris Nordic is leading the way to the future of rights management. By partnership we reduce cost, increase efficiency and increase revenue to best serve efficient copyright management. Polaris Nordic members Koda, Teosto and TONO are among the world's most efficient collective rights management organisations. In collections Polaris Nordic is among the TOP 5 in Europe.
This information was brought to you by Cision http://news.cision.com
SOURCE Teosto Finland