Spencer Fane attorney Loren Mulraine authored an article recently published by the prestigious Vanderbilt Law School Journal of Entertainment and Technology Law.
In the piece, Reimagining the Music Industry: In Search of a More Perfect Union, Loren – a frequent guest speaker for Vanderbilt – champions a transformation of the music industry’s traditional business model into one that prioritizes more equitable relationships with artists. He outlines challenges inherent to current standard practices, opines that current copyright termination law under the Copyright Act of 1976 is insufficient, and explains why major labels must adapt in an era that increasingly allows artists to succeed without recording company support.
“Twenty-first century changes, including technological advances in distribution and access to information, have created an environment where modern-day artists are far more suspicious of entering into long-term contracts with record labels where the record companies have total control of their careers and 100 percent ownership of their masters,” Loren says. “The best strategy for long-term survival, continued growth, and success is for record labels to proactively create an environment where the artist-label relationship is truly a partnership. This new paradigm would include artists having equity in the ownership of their masters, shorter contract terms for record deals, full statutory rates on all mechanical royalties, recoupment being measured at net receipts instead of the artist’s royalty rate, recoupment triggering artist ownership of masters, and revised copyright termination language that simplifies the process for terminating transfers of copyright.”
At Spencer Fane, Loren’s understanding of the creative elements of the entertainment and media industries merges with his extensive legal skills to protect his clients’ intellectual property, build their business enterprises, and advocate for social justice. He has represented Grammy, Dove, and Stellar award winners; gold-, platinum-, and multiplatinum-selling artists; and professionals in the music, media, film/TV, theater, and sports industries. Loren is also a professor and director of Music and Entertainment Law Studies at Belmont University College of Law.
Read Loren’s full article here.