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Counting the Costs of Collective Rights Management of Music Copyright in Europe

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Counting the Costs of Collective Rights Management of Music Copyright in Europe MPRA Munich Personal RePEc Archive Counting the Costs of Collective Rights Management of Music Copyright in Europe Ghafele, Roya and Gibert, Benjamin Oxfirst 17. October 2011 Online at http://mpra.ub.uni-muenchen.de/34646/ MPRA Paper No. 34646, posted 11. November 2011 / 12:55 Counting the Costs of Collective Rights Management of Music Copyright in Europe By Roya Ghafele & Benjamin Gibert Roya Ghafele is a Fellow at the Said Business School of the University of Oxford and the Director of Oxfirst Limited Benjamin Gibert is a Research Consultant at Oxfirst Limited Corresponding Email Addresses [email protected] [email protected] [email protected] Copyright is held by the authors Table of Contents Table of Contents ............................................................................................................................... 2 Executive Summary .......................................................................................................................... 3 Figures and Tables ............................................................................................................................. 4 Abbreviations ...................................................................................................................................... 4 1. Transaction Costs and Collective Rights Management ..................................................... 6 Transaction cost theory ............................................................................................................... 6 Transaction costs and collective rights management.......................................................... 7 2. The Challenges and Opportunities for Collective Rights Management in Europe .... 8 Technologies and Transaction Costs ................................................................................... 9 Balancing Competition and Repertoire Fragmentation ............................................ 11 3. The Value of Digital Music in Europe ................................................................................. 12 The value of the European digital music market .............................................................. 13 Comparing estimated market value with actual revenue ................................................ 17 4. The Cost of Licensing Digital Music ................................................................................... 23 Conclusion ....................................................................................................................................... 27 References ......................................................................................................................................... 30 Appendix 1 ....................................................................................................................................... 33 A. Digital Music Market Estimate ........................................................................................ 33 B. Comparing Estimated Market Value with Actual Revenue ..................................... 35 C. Royalty Distribution Efficiency ....................................................................................... 36 D. Digital License Costs .......................................................................................................... 38 Appendix 2 ....................................................................................................................................... 42 A. Digital Music Market Estimate ....................................................................................... 43 C. Royalty Distribution Efficiency ...................................................................................... 51 D. Digital License Costs .......................................................................................................... 52 2 Executive Summary As music consumption increasingly takes digital forms, Europe must modernize its collective rights management system in response to new challenges and opportunities. A transaction cost analysis of the current collective rights management system in Europe suggests multiple transaction costs exist. Collective rights management organizations (CRMOs) operate on a national basis and enjoy monopoly privileges within each jurisdiction. Though the trade-off between competition for EU-wide rights clearance among CRMOs and repertoire fragmentation must be balanced carefully, the lack of any competitive pressures renders collective rights € 5 billion – potential value of management in Europe inefficient for digital music. digital music in Europe The estimates of the value of the digital music market and the costs associated with licensing across borders € 400 million – potential value of suggest that growth in digital music is stifled to a digital music royalties in Europe significant extent by market inefficiencies. Piracy, while an important factor, is by no means the sole cause of this lost market opportunity. € 212 million – potential value of digital music royalties in France, The results of this report affirm the potential Germany and the UK economic value of digital music in Europe. The total addressable market for digital music services in € 49 million – total new media Europe (EU27) is estimated to be over € 5 billion, royalties collected by SACEM, GEMA, representing a royalty market opportunity of over € and PRS for Music in 2009 400 million. The three largest digital music markets (France, Germany and the UK) compose around € 2.6 billion of this total market and € 212 million in 19% - average capture of digital royalties. Yet the corresponding CRMOs (SACEM, royalty market in Europe GEMA, and PRS for Music) generate only € 49 million in royalty revenue from all new media (online services, mobile services and internet radio). The 23% - average capture of digital disparity between potential and actual revenue for all royalty market in USA of the European markets is significant. European CRMOs capture 19% on average of the potential market for royalties in comparison to 23% for 85% - increase in cost of licensing on- CRMOs in the USA, which do not enjoy the same demand digital music streaming from exclusive licensing privileges. The estimate of license USA to France, Germany and the UK costs for a digital music service implies further issues. The cost of setting up a digital music service in the three largest European markets (France, Germany and the UK) was estimated to be 85% higher for streaming services and 6% higher for downloading services than in the USA. The transaction costs of digital licensing across borders in a nationally oriented copyright framework are also significant. The current structure of collective rights management is inefficient at extracting value from the digital music market. Artists do not receive sufficient royalties, commercial users suffer from high transaction costs and prohibitive license fees, and individual consumers suffer from insufficient legal alternatives to digital piracy. New solutions should be sought to capitalize on the market for digital music services in light of increasing broadband penetration and changing consumption patterns in Europe. 3 Figures and Tables Table 1. Total and Royalty Market Estimate for Digital Music 14 Figure 1. The Total Addressable Digital Music Market 15 Figure 2. The Digital Royalty Market 15 Figure 3. Total Addressable and Royalty Market for Digital Music 16 Figure 4. Potential and Actual CRMO Digital Royalty Revenue 17 Figure 5. Royalty Market Capture 18 Figure 6. Digital Music Royalty Revenue 19 Figure 7. Royalty Market Capture as Percent of Potential Royalty Market 19 Figure 8. Lost Royalty Market Opportunity 20 Figure 9. Lost Income for Artists 21 Table 2. Digital Market Capture and Potential Distribution 22 Table 3. Digital License Cost for the UK, France and Germany 24 Table 4. Digital License Cost for the United States of America 24 Figure 10. Breakup of Download License Fee by Organization 25 Figure 11. Breakup of Streaming License Fee by Organization 25 Figure 12. Total License Cost for Streaming Service 26 Figure 13. Total License Cost for Download Service 27 Abbreviations ASCAP American Society of Composers, Authors and Publishers BMI Broadcast Music, Incorporated CRMO Collective Rights Management Organization GEMA Society for Musical Performing and Mechanical Reproduction Rights HFA Harry Fox Agency IP Intellectual property IPR Intellectual property rights ISP Internet Service Provider PRS for Music Performing Rights Society for Music SACEM Société des Auteurs, Compositeurs et Editeurs de Musique SESAC Society of European Stage Authors and Composers 4 Introduction The Internet has revolutionized the consumption and distribution of creative content worldwide. This has produced many new opportunities and challenges. The music industry is at the forefront of the struggle to curb the impact of digital piracy by developing innovative business models in response to new distribution possibilities. Legal digital music services that provide on-demand downloads and streaming content are vital in the effort to monetize changing consumption behavior. Though the music industry is a major component of the European economy, these new services often struggle to establish digital distribution channels across national boundaries due to the currently fragmented collective rights management system. As a result, intellectual property (IP) rightsholders struggle to exploit their rights in cyberspace
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