By Ivan L. Pitt
This e-book discusses the economics of the tune within the context of the altering panorama led to through innovation, technological swap, and swift digitization. the power of electronic expertise to minimize the transaction bills of song copyright licensing has all yet destroyed the conventional media company versions of incumbent functionality Rights corporations (PROs), tune publishers, list labels, and radio and tv stations. In a weather the place streaming prone are swiftly proliferating and shoppers favor subscription types over direct possession, new enterprise types, comparable to direct licensing, are constructing. This booklet offers an summary of the economics of the normal track undefined, the technology-induced alterations in company types and copyright legislations, and the position of publishers, copyright holders and songwriters within the rising direct licensing version. partly One, the writer examines the industrial facets of direct licensing as a substitute to the normal blanket license for copyrighted musical compositions, with an emphasis at the frequently monopolistic nature of execs. partially , the writer specializes in the track writer and the position direct licensing and festival may well play within the altering enterprise types within the track and the aptitude merits this can convey to copyright holders, corresponding to songwriters. to go with this version, the writer proposes a greatest statutory fixed-rate for musical performances to additional streamline the royalty procedure, in particular the place vendors reminiscent of Google and YouTube are involved. This e-book provides to the turning out to be physique of literature at the economics of track licensing within the electronic age. it will likely be worthy to these within the fields of economics and legislation, in addition to track executives, musicians, songwriters, composers, and different execs who're drawn to realizing how expertise, innovation and festival have reshaped the tune industry.
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Additional info for Direct Licensing and the Music Industry: How Technology, Innovation and Competition Reshaped Copyright Licensing
2013), and US vs. ASCAP & In re Petition of Pandora Media (2014). 12 See DiCola (2013) for his survey results on musician’s self-reported income. 2 Who Is Really Getting Paid? 11 Touring Digital Permanent Download PROs Physical Digital Subscription Streaming Synchronization 0% 5% 10% 15% 20% 25% 30% 35% 40% Fig. 1 Revenue share by industry segment 2013 2013 for distribution to songwriters, composers, and music publishers. Overall, the US market is estimated to be around $14 billion in revenue from various sources— with a significant amount from royalty fees that is distributed by the PROs—and this figure excluded revenue from merchandising and other segments.
19 Finally, there is the long-term issue of the survival of streaming services, given the current level of competition and growing losses in music streaming. The financial model in place today appears to focus on the short-term upside growth in customer acquisition (funded by Wall Street speculators) rather than long-term profitability, 19 See Why Streaming (Done Right) Will Save the Music Business, Billboard Magazine, November 29, 2014, p. 15. 18 1 Introduction in a similar model that is used by Amazon.
1 McKinsey and Company McDonald (2013) placed the blame for AT&T’s metaphorical death at the hands of the McKinsey consultancy for its faulty research. 32 Most of today’s digital technologies that involve sending electrical signals across a network at one point or another had its early start at AT&T’s famous research laboratory called Bell Labs. There were considerable cultural, internal AT&T barriers that had to be overcome before new products could be successfully launched and those products had to match AT&T’s vision, a luxury that would be considered quaint today.