Test 1 Survey of MBU - Wacholtz Spring 2024

• the three major record labels are warner music group, universal music group, and sony
• the music industry annually grosses $26.2 billion
• multiple rights major record labels receive a percentage of the artist's gross revenues
• a non-profit corporation is an organization that has been granted tax-exempt status by the IRS because it furthers a social cause and provides a public benefit
• with free music streaming through interactive and passive DSP's, billions of dollars are being made by record labels by one person at a time streaming their recordings free
• some in the industry say that steve jobs saved the industry by "destroying the album"
• the majority of consumers now acquire or listen to music by streaming DSP's
• in this era of free music for artist representation, serious money is generated by signing the most famous artist to represent with a significant fan base
• multiple rights deals offered by major record labels means that labels are now in the product (master recordings) and service business (streaming and artist's service) of aiding the recording artist to become as famous and profitable as possible
• sam walton (walmart) was successful because he took out the middleman (distribution)
• the major labels have recently invested $5.4 billion into the discovery and development of contemporary artists
• the key to success in the music industry now, for most new recording artists is to provide a sample of the act's recordings to consumers by means of social media and its streaming playlists
• a songwriter can sell the songs they've written because they own them
• in legal terms, any material object in which sounds are fixed and from which the sounds can be perceived, reproduced, or otherwise communicated is a phonorecord
• for a limited time, the act of 1790 gave authors monopoly ownership rights of approval for the copying and displaying of their creative works (books/maps/charts)
• the monopoly ownership rights, later called exclusive rights, were granted for one 14-year term, plus an additional 14-year renewal term for a total of 28 years
• the "sonny bono term extension act of 1998" added 20 years to the duration of current copyrights and made new copyright durations life plus 70 years
• to protect the name of a band, you must file the name with the library of congress trademark and patterns office
• the digital performance rights in sound recordings act of 1995 created the sixth exclusive right to distrubute audio recordings digitally, expended the compulsory mechanical copyright license to include digital transmissions on passive DSPs, and created performance royalties for the recording artists, record label who owns the recordings, and the recording session musicians and singers under certain conditions
• intellectual property rights are patents, trade secrets, trademarks, and copyrights
• a work made for hire is a song prepared or created by an employee of a company within the scope of their employment
• permission to use a copyright is usually granted through a license
• a song becomes part of the public domain when the duration of the ownership of its copyright expires
• the concern of the safe harbor law is that they allow companies such as google to use illegally uploaded copyright entertainment audio recording for profit
• a trademark is any word, phrase, symbol, design, or a combination of these things that identifies goods or services
• a derivative is a new copyrightable work based on another's copyrighted work
• a copyright registration that changes the name of ownership is called certificate of recordation
• sampling is legal if you acquire a license from the record label that recorded and released the original song and a license from the music publisher or songwriter
• if your song is commercially exploited, recorded, or used in a film/computer game/commercial, you must register your claim of copyright if you want to receive royalties