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Virtual currencies continue to gain acceptance in commercial transactions. As a result, financial institutions are beginning to accept such currencies as collateral for financings. Could this become common for independent film productions and other entertainment industry ventures? However, Article 9 of the Uniform Commercial Code (UCC) falls short of providing adequate guidance on how to create or perfect a security interest in virtual currencies. This uncertainty, and the consequent risks to lenders, are further exacerbated by the lack of helpful case law and non-uniform state laws. Recognizing this problem, the Uniform Law Commission and the American Law Institute in 2019 organized the Uniform Commercial Code and Emerging Technologies Committee to consider changes to the UCC intended primarily to address “digital assets” (a term used but not defined by the Code drafters), such as some virtual currencies.
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By Stan Soocher
To the public, a band typically is defined as its performing members, not a business entity that may control the music group. But when it comes to royalty rights, are the performers or the business entity entitled to “featured artist” statutory royalties from digital transmissions of the band’s sound recordings?
Major Labels File Lawsuits Over AI Companies’ Alleged Copying of ‘World’s Most Popular’ Recordings
By Jane Wester
Major record labels including Capitol Records and Sony Music Entertainment sued two music-focused generative artificial intelligence companies, accusing them of “willful copyright infringement on an almost unimaginable scale.”
Hope for ‘Spotify Model’ for Licensing Content for AI
By Mason Lawlor
A “Spotify model” of licensing, regulation and royalties could be the answer to the recent slew of lawsuits and future litigation relating to generative artificial intelligence defined by rampant misappropriation of name, image and likeness of individuals, including high-profile celebrities.
By Entertainment Law & Finance Staff
Notable recent court filings in entertainment law.