Teosto teams up with Nordic colleagues in R&D
The three Nordic collective rights management organisations Teosto, Koda and TONO have formed a company called Polaris Nordic.
Finnish Teosto, Danish Koda and Norwegian TONO refer to their joint research and development initiative as ground breaking. Its aim is to create higher value for music creators as well as be part of forming the future of music rights management.
The Polaris societies will invest in new technologies and services for music authors and publishers, without forgetting music users. The initiative focusses on rethinking the current CMO (copyright management organisations) processes in order to maximise speed, efficiency and transparency of music performance royalties management.
The Polaris Futures Lab concept has been developed by Teosto Futures Lab, Teosto’s innovation platform launched last year. The Polaris Futures Lab team will commence its work in August with a concept building phase. Results will be rolled out in the Polaris societies starting next year.
“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.”