The three Nordic collective management organizations Koda (Denmark), Teosto (Finland) and TONO have formed the company Polaris Nordic. With the establishment of Polaris Nordic, the organizations will streamline their management through joint system development, which will create increased value for the organizations' rights holders.
/ 10/02/2014 / codexThe CEOs of KODA, Teosto and TONO have now signed an agreement that sets a new standard for cross-border collaboration in rights management. Through the establishment of the company “Polaris Nordic”, Koda, Teosto and TONO have agreed to develop and manage joint back-end systems for music reporting and distribution of the revenues collected by the organizations. The goal is to reduce costs and create higher efficiency, which will provide greater value for composers, songwriters, music lyricists and music publishers.
– It is natural for us to enter into a formal collaboration with Teosto and Koda. We have virtually the same goals, processes and values. Apart from developing a common backend system, Polaris Nordic also gives us the opportunity to negotiate agreements for all three organizations within IT investments. The collaboration will provide added value for the rights holders we represent, says TONO CEO Cato Strøm. – This is the first time that collective rights management organizations have such a close and formal cross-border collaboration. We believe that the Nordic model of joining forces will benefit our members and rights holders, says Teosto CEO Katri Sipilä. – Koda, TONO and Teosto are among the world's most efficient and streamlined collective management organizations, and with Polaris Nordic we are leading the way into the future of rights management. Through our partnership, we reduce costs, and increase efficiency and revenues, says Koda CEO Anders Lassen.
The first two systems, Polaris REP and Polaris DIS, are used by all three organizations, and the first settlement payments to licensees have already been made in the Polaris Nordic systems.