Vistex solution accelerates royalty administration, reduces cost.
For Imagem Music Group – the world’s largest independent publisher, it’s second nature. Music is at the heart of everything they do.
The Imagem Music Group was formed in 2008. In addition to its ever-expanding pop catalogs which includes writers as diverse as Pink Floyd, Elvis Presley through to Mark Ronson and Bombay Bicycle Club, the company is also unique for its leadership role in classical music (Boosey & Hawkes), musicals (Rodgers & Hammerstein) and production library music (Five Alarm, Imagem Production Library Music). The company boast over 200,000 active works and 8,000 clients worldwide.
In order to administer global royalty processing centrally from Imagem’s London office, they chose to use Counterpoint Systems’ global publishing administration software, iMaestro.
“When Boosey & Hawkes was acquired by Imagem in 2008, it was already using Counterpoint software,” explains Imagem UK’s Chief Financial Officer, Kent Hoskins. “The old system was customized to process royalties based on territory as opposed to source of income. This was vitally important as complexity around older classical music copyrights, including a mix of heirs’ shares from different territories, required this specific processing methodology.”
In 2008, Imagem implemented Counterpoint’s iMaestro software across the group, which Counterpoint had updated to allow territory processing, thus addressing Imagem’s complicated but important business issue. In addition to allowing Imagem to centralize royalty administration, iMaestro provided the flexibility required to manage the increasing volumes of processing required, whilst reducing administration cost across the business.
“We were impressed by the energy, time and development Counterpoint had put into the functionality of iMaestro. Not only did the browser provide a friendly user interface, but song, client and ad hoc reporting was substantially enhanced.”
Imagem prides itself on running a transparent royalty administration business that pays clients in the same period as income is collected. The iMaestro system allows them to achieve this, automating processes to increase efficiency and reduce unnecessary delays arising from offices transferring royalties over multiple periods.
iMaestro also presents detailed line-by-line analysis of both the territory and source information on client statements – and allows them to provide excellent customer service with its online client portal where clients can view royalty analysis data, as well as see their current balances and download statements.