音乐产业中的知识产权金融

IP Finance inthe MusicIndustry Peter Tschmuck, Dennis Collopy,Christian Handke IP Finance in the Music Industry Table of Contents 11 Executive Summary and Key Findings................................................................................... 51.1 Executive Summary ......................................................................................................... 51.1.1 Overview ................................................................................................................... 51.1.3 Why Music Rights Attract Investors......................................................................... 61.1.4 Why Creators sell their rights.................................................................................... 61.1.5 How Music Rights Are Valued ................................................................................. 61.1.5 Financial Innovation: Music Rights as a New Asset Class....................................... 71.1.6 Opportunities and Risks ............................................................................................ 71.2 Key Findings .................................................................................................................... 82 Introductory Notes................................................................................................................. 112.1 General Criteria for the Selection of the Case Studies................................................... 112.2 General Criteria for the Selection of the Interview Partners .......................................... 123 Theoretical Foundations: The Economic Characteristics of Music and Music IPR ............. 143.1 General Economic Characteristics of Music IPR........................................................... 143.2 Special Economic Characteristics of Music IPR............................................................ 164 A Taxonomy of Typical Agents in the Music IPR Market ................................................... 204.1 Creators ...................................................................................................................... 204.2 Specialised Intermediaries.......................................................................................... 214.3 Financial Investment Companies ............................................................................... 225 A Short History of Music IP Financing ................................................................................ 246 The Financial Investment Companies in the Music IPR Market .......................................... 266.1 BlackRock Inc. ............................................................................................................... 266.2 Blackstone Group........................................................................................................... 276.3 Apollo Global Management ........................................................................................... 286.4 Kohlberg Kravis Roberts & Co. (KKR)......................................................................... 29 6.5 The Carlyle Group.......................................................................................................... 306.6 Brookfield Corporation and Oaktree Capital Management ........................................... 316.7 DWS Group.................................................................................................................... 316.7 Other PE Companies in the Music IPR Market ............................................................. 326.8 Case Study 1: Shamrock Capital Advisors .................................................................... 347 The Business Models of Private Equity Companies ............................................................. 407.1 The 3 Phases of a Private Equity Project: Fundraising, Investment and Exit Phase...... 407.2 Critical Aspects of Private Equity Projects .................................................................... 417.3 Alternative Investment Strategies: PE Funds and Royalty Funds.................................. 418 Music Rights as a New Asset Class ...................................................................................... 448.1 Music IPR as a Financial Asset – Theoretical Considerations....................................... 448.1.1 Cash flow and Related Factors................................................................................ 448.1.2 Resale Value............................................................................................................ 468.1.3 Related Goods and Services.................................................................................... 468.1.4 Highly Differentiated Goods, Monopolistic Competition, and What PE CompaniesTend to Buy...................................................................................................................... 478.1.5 Liquidity ...............................