100 Music Practitioners Educated on the Value of Intellectual Property in the Music Business
Over 100 local musicians, producers, publishers and managers who attended MusicTT’s Music Intellectual Property Valuation Workshop on 4th and 5th March, 2016, are now well prepared to maximize their intellectual property as a revenue stream.
The workshop was facilitated by renowned entertainment and intellectual property attorney-at-law, Carla Parris, who urged practitioners to holistically understand the value of intellectual property. “Be mindful of the different elements of intellectual property law, in particular the distinctions between copyright and trademark law and the application and relevance of each when you are aiming to promote yourself and distribute your content,” Parris encouraged. Ms. Parris, who has operated as a sole practitioner for almost five years, has twelve years of practical experience in the creative sector and has consulted for the World Intellectual Property Organization (WIPO), also produced Day 1 of the workshop with MusicTT.
Heather Baldwin-Mc Dowell, Intellectual Property/Public Relations Practitioner, and guest facilitator at the workshop, similarly gave sound advice emphasizing that music stakeholders must ensure that their assets generate revenue.
Participants also gained valuable knowledge on the basic concepts of protecting their Intellectual Property, the methods used in the valuation of intellectual property with regards to music and the true collateral value of a song and its artist(s) when approaching investors.
General Manager of MusicTT, Jeanelle Frontin, emphasized the importance of hosting this workshop as part of MusicTT’s capacity development thrust. “It would have been remiss of us if we did not conduct a workshop in one of the most critical areas needed to enable our artists to become global players. There are over forty revenue streams that exist in the music industry worldwide. Most of these are governed by intellectual property law and associated rights, and they can only be accessed with a keen understanding and exploitation of the same,” Frontin explains.
MusicTT is a subsidiary of CreativeTT and is mandated to stimulate and facilitate the business development and export activity of the music industry of Trinidad and Tobago to generate national wealth.