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| Tekijä: | Pitt, I.L. |
| Otsikko: | Superstar effects on royalty income in a performing rights organization |
| Lehti: | Journal of Cultural Economics
2010 : VOL. 34:3, p. 219-236 |
| Asiasana: | USA organizations music industry markets copyright law intellectual property law digital technology |
| Vapaa asiasana: | digital rights management performing rights royalties |
| Kieli: | eng |
| Tiivistelmä: | This paper deals with the economic achievements of individual members in a Performing Rights Organization (PRO), also referred to as a Performing Rights Society. Nowadays, there is the growing importance of intellectual property and copyright protection for authors and creators of all kinds of intellectual works. The digital age has set pressure on songwriters, lyricists and composers in their ability to derive economic benefits from their intellectual creativity in the form of a copyright. Copyright laws protect and enable the creation of music by allowing authors and composers to license the control and use of their creations, and receive compensation in the form of royalty payments for their work. The PROs license, collect and distribute royalty payments for non-dramatic public performances of copyrighted musical works created and owned by its members/affiliates. Using the skew-normal and skew-t distributions in a parametric approach, this study estimates skewness and heavy tail of returns in the form of member royalty payments. There is found strong evidence of the so-called superstar effect in which the average royalty payment made by a PRO is still dominated by extreme outcomes, and relatively few members earned a substantial share of royalty payments from blockbuster hits enduring over time. There is little evidence of smaller niche members dominating/replacing the superstars. |
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