THE LAW ECONOMICS, BUSINESS STRATEGY Who Owns \"A Wonderful Life\"? In 1946, dir
ID: 351479 • Letter: T
Question
THE LAW ECONOMICS, BUSINESS STRATEGY Who Owns "A Wonderful Life"? In 1946, director Frank Capra produced It'sa Wonderhis story copyright in place, royalties for its use in the ful Life, a movie based on a short story by Philip Van movie had to be paid once again. The owners of It's a Wonderfiul Life began charging fees to cover their fees to Mr. Stern, and the result was costly access. It's a Won- derful Life was seen on television day and night during the holiday season when the copyright on the movie had lapsed. Now, with the copyright clarification, the movie rights have been reprotected. The story's con- tinuing protection and the high royalty fees make It's a Doren Stem called "The Greatest Gift." The movie, starring Jimmy Stewart, did not perform well at the box office, and, although it received five Academy Award nominations, it won no awards. The movie's copyright was allowed to lapse. Television stations showed the classic without paying fees because the copyright had lapsed However, the U.S. Supreme Court decision in Stewart o Abend, 495 US. 207 (1990), offering an extension of What is the relationship between movie copyrights and the copyright protection of the underlying story to the movie, affected Jimmy Stewart's life once again. between story authors and movie producers? What Wonderfiul Life a singular holiday event. the rights to the underlying story? Who owns what should businesses negotiating movie rights The oerigony ince the movie rights had lapsed. Withties be certain about before signing an agrene owner, Mr. Stern, held the rights t?Explanation / Answer
The above question is based on a real life incident. To give a bried background, a work created in the US (before 1964) used to get an automatic 28 year long copyright. Following which the copyright could be extended for another 28 years. The movie makers failed to renew the 28 year extension. (Please note that current durations are different). Now to answer the question.
Movie Copyright: Movie copyright includes the rights to the music, dialogue, expressions, etc that are unique to the movie. However, the idea behind the movie is not a part of the movie copyright in this case.
Right to the underlying story: The holder of copyrights to the underlying story also has few rights to the corresponding movie that is based on it. The idea of the movie belongs to this person. The holder of the underlying story can claim royalty fee for distribution/use of the movie. They can option the right to their story to different types of art forms unless prevented by a clause in the rights purchased by the movie maker.
Movie producer is the first owner of copyright to the movie. However, in reality movies have contribution from numerous people including music composers, coreographers etc. and depending on the agreements multiple people may hold secondary rights to certain facets of the movie.
The story author holds the right to the underlying idea in the story on which the movie is based.
What should businesses be certain about?
1) Who owns what - very important to know how much is owned by the person/company from whom the rights/royalties are being negotiated with. If there are other players involved who can stake a claim over and above the purchase of these rights
2) Duration and exclusivity - what is the duration for which you have the rights and who else has these rights. This is because it would not make a lot of business sense to pay a bomb for movie rights which competition already has. It will reduce your ability to commercialise the purchase.
3) Approvals - Ensure all approvals are in place and there is no dispute in terms of original ownership of the movie rights. Has anyone else already purchased exclusive rights to the movie. This will make your agreement null and void.
4) Other factors: Other laws that limit use, distribution etc. (For e.g. Movie whose rights are purchased is banned in certain geographies)
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.