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Sports and music tourism is booming, and it's projected to soon represent a global economy of $1.5 trillion. This phenomenon is transforming how cities and countries position themselves as tourist destinations, driven by high-profile sports events and concerts by major music stars.
Events like the FIFA World Cup, the Olympic Games, and world-renowned music festivals are attracting millions of tourists to specific destinations, generating significant revenue not only for the organizers but also for local economies. This growth offers immense opportunities for musical artists, whose songs are an integral part of these events.
In this context, artists have a unique opportunity not only to reach global audiences but also to maximize their income through royalties. However, to fully benefit from this growth, it's crucial that artists properly register their songs.
In this article, we’ll explore the growing economy of sports and music tourism and why it's vital for artists to register their works to secure royalty payments.
According to a recent Bloomberg Línea report, sports and music tourism is on track to become one of the most lucrative industries in the world. With events like the Super Bowl, Coachella Valley Music and Arts Festival, and Rio de Janeiro's Carnival attracting millions of visitors, the cities hosting these events benefit from significant increases in tourism revenue, from lodging and food to merchandise sales and ticket purchases.
This boom also directly impacts the music industry, as music is a key element in many of these events. Songs not only accompany ceremonies and competitions but also create a unique atmosphere that enhances the spectator's experience.
Colombia, in particular, has emerged as a key destination for music tourism, with a growth potential that is of great interest. According to an article in Portafolio, the country has begun to capitalize on its rich musical and cultural heritage, attracting tourists from around the world to events like the Cartagena Music Festival and the Vallenato Festival in Valledupar. These events not only celebrate local music but also offer a platform for emerging and established artists who can leverage this global stage to expand their reach and generate additional income through royalties.
For artists, the growth of sports and music tourism represents a unique opportunity to monetize their music on an unprecedented scale. However, to ensure they get paid for the use of their songs at these events, it's essential that they register their works with the relevant organizations. Registering a song means that the artist is legally protecting their work and ensuring that they get paid whenever their music is used, whether in a live broadcast, during an event, or in a related advertising campaign.
There are several copyright organizations, such as BMI, ASCAP, and SOCAN, that manage song registration and royalty distribution. These entities track when and where a song is used and ensure that payments are made to the rights holders. Without this registration, artists risk losing significant income as their songs may be used without their consent or without proper compensation.
Sports and music tourism is experiencing unprecedented growth, driving a global economy of $1.5 trillion. For artists, this boom offers a unique opportunity to monetize their music on a global scale. However, to fully benefit, it's crucial that they register their songs to ensure they get paid for the use of their music.
Protecting the rights to their works is fundamental to capitalizing on the growing market of music and sports tourism and maximizing their income through royalties.
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