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moon
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CLOSE ENOUGH!! NOW GET IN THE STUDIO TGT ‼️
moon@inkedyi
nosun special guest for woo wonjae's release party ‼️ source? #trustme
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This is going to be long..... I'm sorry 😭🙏
To answer your question, no, he still have his income from those songs even as a performer.
In music, as far as I know, streaming money is split into different buckets. First, he still gets his Performer Royalties. Whoever owned the Neighboring Rights, they're legally required to share a portion of the revenue with the performer. So yes, that money still goes to Giriboy.
Second, he keeps his Songwriter Royalties because he composed the music.
What Giriboy lost here is the Label's Share, which artist are likely (or usually?) had a deal where they got a bonus cut of that label profit. Now that the Neighboring Rights owner is different, that profit goes to that new owner instead (to the best of my limited knowledge).
Buying Neighboring Rights means the company sees the future income of the songs and pays a price based on that estimation. Swings raised about 14 Billion KRW from this sale, and he stated he distributed 10 Billion KRW of that to the artists based on their shares, including Giriboy.
Just as what swings explained, that under most contracts, the company legally owns the Neighboring Rights because they paid for the production. However, from what I know, the company usually voluntarily shares the revenue from those rights with the artist they signed as a show of partnership.
And as he said, it is a common practice for most companies to stop sharing that revenue once the contract is over. So once an artist leaves, the company usually keeps 100% of the Neighboring Rights income for themselves —Which means that if he hadn't sold the Neighboring Rights, when artists like Giriboy leaves his company, they would naturally lose their bonus share of the label's profit. So by Swings' logic and defense, he was actually letting them "cash out" their future earnings before they left.
Again, I'm not on Swings' side, as I disagree with how he responded to Giriboy's disappointment. I'm just explaining how it works.
And because this is based on my limited knowledge, I would appreciate it if someone who reads this and knows more about it can correct me if I happened to write something wrong.
Hope this long text helps 😭💗
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@haoniy the signed ver is still avail on yes24 !! m.yes24.com/goods/detail/1…
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