In the case of music, the term ‘copyright’ is normally divided into ‘Author’s Rights’ and ‘Neighboring 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’ 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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