Valuing and taxing Prince’s “image rights”
Interesting article in the Wall Street Journal about the coming challenge of valuing the “image rights” of Prince’s estate. Here is a link: Valuing Prince’s Image Rights
There are some interesting points, as well as some common mistakes, threaded into this article which illuminate the complexity of valuing Prince’s image rights. I must refrain from elaborating, as I would be one of a small handful of qualified candidates to perform such valuation. There aren’t many candidates who are qualified for the task.
As the article notes, the valuation could become a “battle of the experts” but there certainly is a way to value Prince’s image rights in a supportable way. Much relies on a truly qualified expert bringing the appropriate perspective to the matter. It won’t come from books or formulas. The valuation must be done by someone who is very well-informed about Prince’s career, beliefs and principles. (As it turns out, that criteria may make me the most qualified potential expert on the matter.)
Reference in the Wall Street Journal article to the Michael Jackson estate’s representatives claiming a valuation of around $2,000 and the IRS countering with $434 Million shows the critical and sensitive nature of the upcoming Prince valuation.
If only Prince was simply still alive. But fellow artists and musicians, take note: if your attorney isn’t talking to you about the right of publicity, find one who is.
Taylor Swift’s right of publicity defense
Taylor Swift recently stood up to Apple’s plans to use music for free, and Apple relented. Apparently next on her list, Taylor Swift is taking on right of publicity infringements in China. Her strategy could perhaps be described with “the best defense is a strong offense.”
The July 21, 2015 edition of Wall Street Journal reports on a variety of licensed goods that Swift is introducing in China. Taylor Swift’s popularity in China has predictably resulted in a lot of infringing goods in the marketplace. The best way to combat such a problem, when one has the clout and market potential to do so as Swift does, is to make authorized goods available to meet demand.
Here’s a link to the WSJ article: