World Wide Buyouts Ltd.’s expert knowledge and vast experience is an invaluable resource for everything concerning talent usage fees management. The Buyout App helps all companies involved in the media industry who deal with residuals and salaries on a day-to-day basis.
A buyout is the compensation for the exploitation right of any talent performer (an actor, model etc.). As soon as the campaign, the films, photographs etc. are being broadcast, the performer must receive a fee – a buyout.
As soon as a client decides to air a commercial anywhere in the world, the value chain of the buyout starts. Sometimes there are four or even up to eight people and companies involved in creating the total buyout costs. All parties involved are participating financially in the buyouts.
The history of buyouts – “Statute of Anne”
Where is the buyout coming from?
Legal copyright dates from 1557. At this time, a British printers’ guild prohibited members from printing books originated by other members. The publisher had protection but not the author. In 1710, Britain’s “Statute of Anne” gave copyright protection to authors, limited the duration of the protection, and gave rights to purchasers. The U.S. Constitution of 1787 discussed “securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries” and the original U.S. Copyright Act dates to 1790. Rights were further defined and globalized with the Berne Convention, which was written in 1886 and adopted in U.K. law in 1988 and the U.S. in 1989.