Digital Technology and the Allocation of Ownership in theMusic Industry

We apply the property rights theory of Grossman-Hart-Moore in the musicindustry and study the optimal allocation of copyright between the artistswho create music and the labels who promote and distribute it. Digital tech-nology opens up a role for new intermediaries. We nd that entry of onlineplatforms occurs only if they are su¢ ciently more productive in distributionthan the incumbent label.[...]

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Year of publication:	2009
Authors:	Halonen-Akatwijuka, Maija ; Regner, Tobias
Institutions:	Max-Planck-Institut für Ökonomik <Jena> / Abteilung Strategische Interaktion
Subject:	Recht \| Eigentum \| estate \| Urheberrecht \| Copyright law \| Musikwirtschaft \| Theorie

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1 Introduction2 Digital technology in the music industry2.1 Ownership in the music industry2.2 Different artist types2.3 New intermediaries enter3 Benchmark model: music industry beforethe digital age3.1 Results of the benchmark4 Entry of online platforms4.1 Artist ownership4.2 Label ownership5 Optimal allocation of copyright after entry5.1 Ineffcient ownership structure?6 Discussion7 Extensions7.1 Artists sunk investment7.2 M ownership7.3 Fully complementary investments7.4 Drastic technology change8 ConclusionsA AppendixReferences

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