By Ivan L. Pitt
This booklet discusses the economics of the song within the context of the altering panorama led to through innovation, technological switch, and fast digitization. the facility of electronic know-how to minimize the transaction expenditures of tune copyright licensing has all yet destroyed the conventional media enterprise types of incumbent functionality Rights corporations (PROs), tune publishers, list labels, and radio and tv stations. In a weather the place streaming providers are swiftly proliferating and shoppers favor subscription versions over direct possession, new enterprise versions, akin to direct licensing, are constructing. This booklet presents an outline of the economics of the normal tune undefined, the technology-induced adjustments in enterprise versions and copyright legislations, and the function of publishers, copyright holders and songwriters within the rising direct licensing version. partly One, the writer examines the industrial elements of direct licensing in its place to the normal blanket license for copyrighted musical compositions, with an emphasis at the usually monopolistic nature of execs. partly , the writer makes a speciality of the tune writer and the position direct licensing and festival could play within the altering company versions within the track and the capability merits this can convey to copyright holders, reminiscent of songwriters. to go with this version, the writer proposes a greatest statutory fixed-rate for musical performances to extra streamline the royalty technique, particularly the place vendors comparable to Google and YouTube are involved. This ebook provides to the turning out to be physique of literature at the economics of tune licensing within the electronic age. it will likely be beneficial to these within the fields of economics and legislation, in addition to song executives, musicians, songwriters, composers, and different execs who're attracted to realizing how know-how, innovation and festival have reshaped the song industry.
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Extra resources for Direct Licensing and the Music Industry: How Technology, Innovation and Competition Reshaped Copyright Licensing
76–90) for his analysis of the seminal Grokster case and the novel copyright issues that were raised, just as Apple’s economic model was beginning to dominate the music industry. MGM vs. Grokster, US Court of Appeals for the Ninth Circuit, Case No. 04-480, argued March 29, 2005 and decided June 27, 2005. 6 It is often the case of semantics when PROs are described. Academics view the PROs as monopolists—with the usual textbook examples—while the public tends to view the incumbent PROs as a cartel—with a sinister implication—whose intent is to restrict competition, raise prices, and erect regulatory barriers.
17 The music service would then have to devote more financial resources to acquire new customers to make up for the losses or to retain existing customers in a loyalty program. Ms. Swift’s back catalog was available on other streaming services such as YouTube (where it is still free); Beats Music and Rhapsody in which consumers pay for premium access to albums; and Rdio whose free version is based on custom radio stations that do not allow full on-demand listening. 66 million total in 2014 due to the clever use of social media marketing on Tumblr, Twitter, and Instagram.
The tradeoff or sacrifice— even if the service was relatively inferior with annoyances such as electrical interference or noise on the line during a connection and poor customer service— was worth the lower price. As AT&T found out when MCI unleashed its innovative “friends and family” marketing program—a loyalty program in which customers 31 Most the author’s comments concern the old AT&T Consumer Services unless stated otherwise. 26 1 Introduction and friends received discounts if both callers were MCI customers—the advertising resources that AT&T had spent to build its brand-switching costs or loyalty—the things that made consumers “sticky” or reluctant to leave to try a new brand— could not overcome cheaper price discounts offered by MCI and other carriers.
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