Yeah, you’ll need to spin up a Jellyfin server. It’s really easy in docker though, and it shouldn’t need a machine too powerful. I’ve heard of people running it on an rPi4 or old laptops.

Jellyfin has Watch Groups that my (tech-challenged) family uses regularly without my help.

I just added IPTV to my setup, so I haven’t tested if they work together. I can’t see why they wouldn’t. Worse case, have then tune into the same channel as you, it should sync up almost perfectly on its own.