Synchtank software and peermusic have unveiled the latest platform to IRIS, (International Repertoire Information System,) the accounting system for collecting, distributing, and reporting on music royalties. Aimed at rights owners, rights holders and administrators, IRIS dramatically improves on past software by maximizing automation and bringing clarity to increasingly complex processes, and can speed ease of tasks, increase efficiencies, and help reduce costs. The system was originally developed by global independent music publisher, peermusic.
“Synchtank has a strong track record of changing the way technology is used in the music, movie and media businesses,” said Chris Cass, Synchtank’s Chief Business Officer. “We realized there was a gap in the market for high-performance royalty systems in this increasingly data-driven and complex environment. We discovered that peermusic had developed a system for their 30 worldwide offices based on these principals, and we worked directly with them to perfect the IRIS platform. It’s already handled more than $1 billion revenues and incorporates peermusic’s experience in markets around the world and our tech knowhow.”
“We built IRIS to allow us to best serve our clients in the digital era,” said Mary Megan Peer, Deputy CEO, peermusic. “For us this meant having a secure system with the ability to deal with significant amounts of data and with regularly changing CMO statement formats, but with quick processing time. IRIS has allowed our global royalties departments to become more efficient, allowing them more time to spend on income tracking. Our songwriters and their representatives appreciate the transparency, detailed information and ability to drill down into specific song details.”
Thanks to its origins in peermusic, IRIS has been running globally for over 10 years and is already fully integrated with over 60 Collective Management Organizations and has over 1,000 formats for statements.
“Besides providing a much-needed modern alternative in the market, IRIS has a great deal of potential in catalog evaluation,” a hot topic in this age of catalog acquisition and publishing investment, Cass explains. “As catalogs become important investment vehicles, this type of analysis and value estimation provides a key tool for potential investors, adding clarity to business decisions. Synchtank is providing the picks and shovels to prospects mining their next goldmine.”