Copyright collecting companies have submitted a petition urging the South Korean government to increase the music royalties compensation from 0.65% to 2.5%.
According to the Korea Music Copyright Association (Komca), 23 overseas copyright companies have submitted the petition to the Korean Ministry of Culture, Sports, and Tourism, asking for an increase in price. These companies were mostly based in U.S., France, Spain, and Japan.
The ministry, in its turn, has approved the request clarifying that the fees will increase from 1.5 percent (which is the current rate) to 1.9995 percent by 2026.
Komca is a copyright collecting agency that deals with licensing and organizing copyrighted work. Komca was founded in 1961, being the second biggest association of its nature in Asia following JASRAC in Japan. The association is the only association in Korea that deals with copyright issues.
Wavve, Tving, Watcha, along with other local OTT companies have demanded the reconsideration of the petition by attempting to file a lawsuit.
Komca, on the other hand, has clarified that if these video streaming services keep on refusing the new decision, the association will grant itself the right of taking legal actions against them over copyright breach.
The Beauty of Streaming Services:
Without a doubt, streaming services are gaining popularity, especially after the outbreak of the global pandemic. However, along with its many advantages appeared some notoriously complicated legal and logistic issues.
Just a side note, by streaming services we mean, Spotify, Netflix, YouTube, you name it. These services provide you with an ample library of music, podcasts, movies, and videos that you can play from the comfort of your home.
These services have revolutionized the creative industry in many ways. Nowadays, you do not need to physically go to the store to purchase a CD or heat-up your laptop’s CPU by downloading Beyonce’s latest album. You can simply stream your desired content right away!