Commercialization of Copyrights | EXCELON IP – Copyright Advocates
Copyright is awarded to someone for the artistic creation of their intellectual minds. A copyrighted work gives one the exclusive rights of ownership to the creator. The creator can realize the true potential and worth of this intellectual property asset only by commercializing it in the market. It takes a creative effort, hard work complemented with a lot of research to create something new and once some innovation is done, the creator deserves to commercialize it and reap the fruits of their intellectual mind. Copyright Attorneys at EXCELON IP offers Copyright Commercialization Services with affordable fees structure.
What is Copyright Commercialization?
Resources like that of intellectual property rights are one of the significant reasons behind the creation or success of a brand. The intellectual properties are not acquired by the entities for litigation purposes but to have transferable ownership over a few of the most significant intangible assets. Valuation of intellectual property rights helps you determine the real worth of your entity. The rights of a legally protected copyrighted work can be transferred and assigned from one person or entity to another. For instance, a musician usually signs an agreement with the company which records an album often signs a contract with the recording company in which the musician transfers his rights to the company in exchange for royalties and like considerations.
Copyright protects various kinds of work such as Literary and artistic works; Broadcasts as well as computer software and cinematographic as well as musical recordings. Finding the valuation of the copyright requires an in-depth knowledge & understanding of the specific businesses where the copyright operates.
While conducting a valuation of copyright, many approaches are considered from different angles based on the market and market sentiments, income and cost approach. The market-based approach for copyright valuation involves significant use of indicators of value. This involves a set of practices like buying & selling, licensing & franchising of copyrights. The income-based approach considers the futuristic commercial benefits at the same time considering the risk involved, for a specific time period to a current value. One of the significant deliberations of copyright is the expected life of the owner of the copyright and the duration of the copyright and the elements, the most significant part, which escalates the value of a patent. While considering a cost-based approach, one gives importance to the historic cost of creating and obtaining copyright and the time required in the present state to create the same copyrighted work. Copyright valuation is also the evaluation of royalties that will be required to pay under the licensing agreement. This is a kind of market approach, which compares different components of the market with licensing agreements.
How to Commercialize Copyrights?
A copyrighted work can be commercialised by many means viz. By transfer of rights, by license, or by assigning the rights. To understand, keep a check and balance of the true potential of the company that needs to give attention to creations and innovations because that is the only doorway to a developed state. If you have created something which has wider potential in the market then it should be commercialised and leveraged to its maximum highest potential. In the highly competitive environment in the developing economy of India, it is very much important to commercialize your creation to get a market entry. Wherein, licensing is the most common approach for the market entry. A license is generally when the owner of the copyrights grants certain rights of use to a licensee (withholding certain rights like the moral rights) on a temporary basis in return for considerations like royalties. There are many benefits of commercialization like it gives you a quick entry in the industry, also the amount of effort, marketing and resources gets reduced viz. You don’t need to produce and distribute yourself. Assignment of rights usually involves selling the rights exclusively through an assignment document to an assignee for a one-time lump sum consideration or through low royalty stream for a long time to the assignor.
We are a team of experts at Excelon IP distinguishably experienced in the field of intellectual property rights. With our expertise, we can provide the required support to your creation by handling all the legal streams in the industry. Our Copyright Commercialization experts are always glad to help you with better Commercialization strategies which suit your commercialization scenarios.