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7 UCLA Ent. L. Rev. 367 (1999-2000)
Bowie Bonding in the Music Biz: Will Music Royalty Securitization Be the Key to the Gold for Music Industry Participants?

handle is hein.journals/uclaetrlr7 and id is 377 raw text is: BOWIE BONDING IN THE Music Biz: WILL MUSIC ROYALTY SECURITIZATION BE THE KEY TO THE GOLD FOR MUSIC INDUSTRY PARTICIPANTS? Teresa N. Kerr* I. INTRODUCTION Until recently, individuals in the music industry have been slow to tap into the financial resources that the capital markets provide. In order to get projects done, these music industry participants traditionally relied on their own savings, unfavorable bank loans, infamous music advances, or the next royalty check to roll in' In 1997, singer/songwriter/publisher David Bowie scoffed at traditional music industry financing and struck gold in the capital markets by issuing the first ever asset securitization involving music royalty future receivables and intellectual property rights. The deal netted the artist $55 million and began the music industry's newfound love affair with the capital markets. It further sparked other industries that rely heavily on intellectual property rights to consider ° J.D. candidate, UCLA School of Law, 2000. Ms. Kerr received her B.A. in 1997 from Duke University, where she majored in Political Science and African-American Studies. Music industry participants refers to publishers, songwriters, and artists. Besides the record companies, these parties are the main players in the music industry and thus have a strong interest in the future success or failure of music royalty securitization transactions. A discussion of the impact music royalty securitization will have on record companies is beyond the scope of this comment. For more information on this issue, see Nicole Chu, Bowie Bonds: A Key To Unlocking The Wealth ofintellectual Property, 21 HASTINGS COMM. & ENT. L.J. 469, 488 (1999).

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