Sarkodie has stressed the significance of establishing a robust framework in the music industry to guarantee the sustainability of the royalty system.
The iconic rapper thinks that by implementing efficient systems, artists can enjoy the fruits of their labour, just like their counterparts in the Western world.
According to him, the royalty system has been a major concern in our nation.
Nevertheless, he believes that rectifying this matter is a relatively straightforward endeavour. He contends that by implementing a smooth operating system, artists can effortlessly recover their earnings.
“The royalty system has been a top issue in this country. It is something so little to do. You just put a system in place and get the money back.
We have our people here playing the music. If there was a system here where they had to log in for every song they play…This evening, they played two of my songs and that could be four cedis. How many events are they having in a week? Parties, Funerals, naming ceremonies among others,” he said.
On whether the existing streaming platforms are being fair he indicated that “that’s their business model and we cannot question them. But some are being fair.
What are Royalties?
Royalty payments play a crucial role in fostering and safeguarding creativity and innovation worldwide. They serve as a means to reward and protect the creators and inventors behind various forms of intellectual property.
Whether it’s the captivating photograph adorning your wall, the melodious song emanating from your radio, or even the fuel propelling your car (originating from crude oil extracted from someone’s land), royalty payments ensure that the rightful owners of these assets receive fair compensation.
In essence, royalty payments encompass the financial remuneration received through license agreements or royalty agreements. These agreements serve as a means to compensate owners for the utilization of their intellectual property, artistic creations, or mineral rights about natural resources such as oil and gas extracted from their land.
By establishing a legal contract based on royalties, owners can benefit from a steady cash flow. This contract typically entails a percentage of gross revenue, net sales, or another mutually agreed-upon rate, which is paid out throughout the license agreement.
