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The Copyright Industry

Copyright is not only about protecting the rights of creators, but has also become a major branch of industry with significant contributions to the global economy. According to the

International Intellectual Property Alliance the U.S. copyright industry has grown almost three times as fast as the economy as a whole for the past 20 years. In 1997, the

total copyright industries contributed an estimated US$ 529.3 billion to the U.S. economy with the

core copyright industries accounting for US$ 348.4 billion. Between 1977 and 1997, the absolute growth rate of value added to the U.S. GDP by the core copyright industries was 241 %. Also the copyright industry's foreign sales in 1997 (US$ 66.85 billion for the core copyright industries) were larger than the U.S. Commerce Department International Trade Administration's estimates of the exports of almost all other leading industry sectors. They exceeded even the combined automobile and automobile parts industries, as well as the agricultural sector.

In an age where knowledge and information become more and more important and with the advancement of new technologies, transmission systems and distribution channels a further increase in the production of

intellectual property is expected. Therefore as copyright establishes ownership in intellectual property it is increasingly seen as the key to wealth in the future.

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Royalties

Royalties refer to the payment made to the owners of certain types of rights by those who are permitted by the owners to exercise the rights. The

rights concerned are literary, musical, and artistic copyright and patent rights in

inventions and

designs (as well as rights in mineral deposits, including oil and natural gas). The term originated from the fact that in Great Britain for centuries gold and silver mines were the property of the crown and such "royal" metals could be mined only if a payment ("royalty") were made to the crown.

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