In the case of music, the term ‘copyright’
is normally divided into ‘Author’s Rights’ and ‘Neighboring Rights.’
‘Author’s Rights
‘Author’s Rights’ is a right held by the
creator of the original work (in the case of music,
lyricist/songwriter/arranger/etc.), or a person who has transferred/inherited
the right from the original holder.
Neighboring Rights
‘Neighboring Rights’ is a right held by the
performer (in the case of music, singer/producer/etc.) who interprets &
delivers the original work to the consumers so they can enjoy it..
Among them, the neighboring rights that are
serviced through Musicow through an auction are mostly the rights of producers
who are highly related to the Author’s Rights.
Under the current Copyright Act, the rights
of music producers include the right to reproduce, right to distribute, right
to rent, right to transmit (for record producers/digital audio transmission
service providers/performers who perform using a commercial record), and the
right to claim for compensation.
In terms of ‘value,’ considering that both
author’s right & neighboring right are rights that are protected on a
long-term basis, there is not much difference between the current value of
author’s right and neighboring right (earned by converting the expected future
profit to current value)
However, under the current law, the
author’s right is protected for 70 years after the death of the original author
(artist), and the neighboring right is protected for 70 years after the release
of the record. Therefore, you must remember that if you hold decide to purchase
a share of neighboring rights, the amount of time where you can receive the
copyright royalty will be relatively short.
Under the Copyright Act, only non-profit
trust institutions authorized by the Minister of Culture, Sports, and Tourism
are allowed to collect and distribute copyright royalties in Korea.
As a for-profit organization, Musicow
CANNOT be a copyright trust management organization, and is not authorized to
collect and distribute copyright royalties.
Therefore, Musicow has signed up as a
member of the Copyright Trust and is constantly giving away the distributed
copyright royalties to the music investors.
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