Intellectual Property Rights have been a concern in every corner of the world in every period of time. How can you put a price on something you cannot see, you cannot touch? Furthermore, how do you ensure the ownership (copyright) and the proper usage of the creative intangible items through paying a royalty?
In the simpler and older times, musicians used to rock the arenas or set the audience in trans with their creativity to earn their livelihoods. With the invention of recording, tapes and disks their market increased further to the consumers who are sitting at home maybe even on another corner of the world. This allowed them to earn a fraction from each copy sold by their record labels worldwide.
Due to technological advancement as times pass, people are now more comfortable opting out for streaming services instead of physical disks. Although to this day, records are still being sold in disk format. However, the percentage is pretty low. If we take a look at the US Music Industry revenues in 2018, only 9% of the revenue came from selling physical copies of the album whereas 83% came from streaming services and 6% from digital downloads.
Rightfully so, a song or a piece of music is an asset that generates revenue from record purchases, concerts or digital streaming. Which means, it has to have proper ownership to its creator/ composer just like paintings where they earn by selling it off once or through exhibition where the painting is displayed. The copyright owner of the music is able to sell their ownership rights to record labels, other individuals or benefit from it for an infinite period of time through royalty. That dictates the owner is entitled to a fraction of revenue generated from sales of records or every time their songs are played on a radio or a digital streaming platform.
Royalties are crucial for the survival of the music industry. Not only musicians would be left earning through concerts and gigs only, it would also make it easy to steal music and would allow others to use the music commercially without benefitting the original creator. Royalties ensure that the artist has control over how the music they produced would be used and benefit from it as well. Let’s face it, if the earnings were limited to concerts and gigs only, we would also lose the opportunity to have so many gifted musicians pursuing their passion now and making our lives better with their talents.
Despite all the measures and solutions to track music streaming, piracy using the web is increasing day by day. It is getting easier to copy and download music tracks without triggering any checkpoint. Along with the growing number of streaming services, management of digital royalty has been becoming crucial.
Epsilon Solutions USA LLC along with Digital Royalty Distribution has been making sure of fair royalty payments to artists by allowing the artists to upload their contracts on the platform and monitoring digital streaming on various platforms ensuring the fair percentage payments to the artist. Enforcing the practice of fair play for intellectual property rights.