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How can you stay competitive in the royalty collection market?

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If you are a music creator or rights holder, you know how important it is to collect your royalties from various sources, such as streaming platforms, radio stations, live performances, and sync deals. However, the royalty collection market is highly competitive and complex, with many players and challenges involved. How can you stay ahead of the game and maximize your earnings? Here are some tips to help you navigate the royalty collection landscape and optimize your strategy.

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1 Know your rights

The first step to collecting your royalties is to understand what types of rights you have and how they are administered. There are two main categories of music rights: mechanical and performance. Mechanical rights are the rights to reproduce and distribute copies of your music, while performance rights are the rights to publicly perform or broadcast your music. Depending on your country and your role in the music industry, you may need to register with different organizations or agencies to collect your mechanical and performance royalties. For example, in the US, you may need to join a mechanical rights organization (MRO) like the Harry Fox Agency (HFA) or a digital rights agency (DRA) like SoundExchange, as well as a performing rights organization (PRO) like ASCAP, BMI, or SESAC. Make sure you research and understand the requirements and benefits of each organization and how they interact with each other.

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Geovane Bento

Top Voice Linkedin | Diretor Artístico da NOAR Produ??es | Coolhunter | Estrategista Fonográfico | Membro da Academia do Grammy Latino | Especialista em Diferencia??o Profissional | Autor do Livro “Construído Estrelas”.
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To stay competitive in the royalty collection market, especially if you're new to this field, it's essential to be well-informed and up-to-date on copyright laws and industry standard practices. Build a solid network of professional contacts, including specialized lawyers, collection societies, and other content creators. Additionally, invest in copyright and royalty management tools to accurately track the use of your works and ensure you are properly compensated. Finally, be proactive and transparent in your licensing negotiations and agreements, establishing clear and fair terms that reflect the value of your creations.

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2 Track your data

The second step to collecting your royalties is to track and monitor your data. This includes your music metadata, such as song titles, composers, publishers, ISRC codes, and ISWC codes, as well as your royalty statements, payments, and reports. Having accurate and complete metadata is essential for identifying and claiming your royalties from various sources and avoiding disputes or errors. You should also keep track of your royalty streams and analyze your performance and trends. This can help you identify opportunities and challenges, as well as adjust your marketing and distribution strategies accordingly.

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Geovane Bento

Top Voice Linkedin | Diretor Artístico da NOAR Produ??es | Coolhunter | Estrategista Fonográfico | Membro da Academia do Grammy Latino | Especialista em Diferencia??o Profissional | Autor do Livro “Construído Estrelas”.
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Besides tracking and monitoring your data, it's important to establish good relationships with collective management organizations and digital distribution platforms. Maintaining open and regular communication with these entities can facilitate the royalty collection process and resolve any issues more quickly. Additionally, it's crucial to understand the different types of royalties you are entitled to, such as mechanical, public performance, and synchronization rights, and how each is collected and distributed. This can help you maximize your earnings and ensure that you are receiving all the royalties you are due.

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3 Use technology

The third step to collecting your royalties is to use technology to your advantage. Technology can help you automate and streamline your royalty collection process, as well as enhance your visibility and control over your earnings. For example, you can use online platforms or apps that offer services such as royalty accounting, auditing, invoicing, reporting, and distribution. You can also use tools that help you register your works, monitor your usage, claim your royalties, and resolve conflicts. Some examples of such tools are TuneRegistry, Songtrust, Audiam, and Kobalt. Technology can also help you access new revenue sources and markets, such as blockchain, smart contracts, micro-payments, and fan engagement.

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Geovane Bento

Top Voice Linkedin | Diretor Artístico da NOAR Produ??es | Coolhunter | Estrategista Fonográfico | Membro da Academia do Grammy Latino | Especialista em Diferencia??o Profissional | Autor do Livro “Construído Estrelas”.
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An important tip that is missing is the need for data security and privacy. When using technology to manage your royalties, it's crucial to protect your personal and financial information. This includes choosing reliable platforms, using strong passwords, and regularly updating your security systems. Additionally, it's important to be aware of intellectual property rights and ensure that the technology used complies with applicable laws and regulations. This can help prevent copyright infringements and other legal issues that may affect your ability to collect royalties.

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4 Network and collaborate

The fourth step to collecting your royalties is to network and collaborate with other music professionals and organizations. Networking and collaborating can help you expand your reach and exposure, as well as learn from others' experiences and best practices. You can also leverage your network and partnerships to negotiate better deals, access more resources, and advocate for your rights and interests. You can network and collaborate with various stakeholders in the music industry, such as other creators, publishers, labels, managers, lawyers, distributors, aggregators, platforms, and associations.

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Geovane Bento

Top Voice Linkedin | Diretor Artístico da NOAR Produ??es | Coolhunter | Estrategista Fonográfico | Membro da Academia do Grammy Latino | Especialista em Diferencia??o Profissional | Autor do Livro “Construído Estrelas”.
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An important tip that can be added to the text is the importance of maintaining a professional and respectful relationship with all members of your network. This includes being punctual in your communications, fulfilling established agreements, and treating everyone with courtesy and professionalism. Additionally, it's essential to be open to feedback and constructive criticism, as this can help improve your work and professional relationships. Maintaining a professional and respectful demeanor can strengthen your reputation in the industry and open doors to more collaboration opportunities and career growth.

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5 Stay updated and informed

The fifth step to collecting your royalties is to stay updated and informed about the latest developments and trends in the royalty collection market. The music industry is constantly evolving and changing, with new regulations, technologies, business models, and opportunities emerging. You need to keep up with the changes and adapt your royalty collection strategy accordingly. You can stay updated and informed by reading industry news, blogs, newsletters, and reports, as well as attending webinars, workshops, conferences, and events. You can also join online communities and forums where you can ask questions, share insights, and get feedback from other music professionals.

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6 Be proactive and creative

The sixth and final step to collecting your royalties is to be proactive and creative. Don't wait for your royalties to come to you, but actively pursue and claim them. Don't settle for the status quo, but explore and experiment with new ways to generate and collect your royalties. Don't be afraid to challenge and change the system, but advocate and innovate for a fairer and more transparent royalty collection market. Be proactive and creative in your royalty collection journey, and you will be rewarded with more income and satisfaction.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you stay competitive in the royalty collection market?

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3

4

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1 Know your rights

2 Track your data

3 Use technology

4 Network and collaborate

5 Stay updated and informed

6 Be proactive and creative

7 Here’s what else to consider

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