Synchtank Unveils IRIS, a Royalty Accounting and Valuation Platform12 March 2020 - Press release
Synchtank is unveiling its latest platform to its software suite, IRIS. It promises to change the game of royalty accounting and unlock real value for rights holders and rights administrators—and for anyone considering investing in publishing.
IRIS (International Repertoire Information System) can transform tedious, time-sucking tasks that can take days into the work of mere hours, increasing efficiencies and reducing costs. IRIS helps organisations devote more time to value-add tasks than reports and repetitive data inputting. It’s the kind of large-scale, secure, smart innovation the industry expects from a media and music enterprise software platform that counts many of the biggest media conglomerates in the world as clients. 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.”
IRIS is a royalty accounting platform for collecting, distributing, and/or reporting on music royalties. Aimed at rights owners, rights holders and rights administrators, IRIS dramatically improves on past software by maximizing automation and bringing clarity to increasingly complex processes.
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 (CMOs) and has over 1,000 formats for statements. IRIS is road tested and ready to boost productivity and speed everywhere.
“IRIS dramatically increases processing speed without missing any deadline or causing any distribution errors. For example, peermusic’s largest branch now can complete royalty runs in one or two hours that used to take several days,” adds Cass, “Synchtank is rolling out the system to our existing and new clients. Combined with Synchtank’s music management, sales, and licensing platform, we believe we have a game-changing solution stack for music publishers. It’s a very exciting time for us.”
“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.”
Building on this feature set, IRIS makes sure all key elements can be customized to meet customers’ unique, specific needs. IRIS, for example, has a range of permission options to allow outside partners such as Artist managers and other teams to see just only what’s relevant for them. This transparency is coupled with high-calibre security, making for appropriate but secure access to sensitive data. “Every organization or team has its own requirements, their own IP, and their own place in the market,” notes Cass. “A cookie-cutter approach won’t capture this and won’t offer the level of efficiency we know our clients need and expect.”