Estimation of Skewness, Heavy Tails, and Music Success in a Performance Rights Organization

摘要: This chapter examines the economic accomplishments of individual members in a performing rights organization (PRO), sometimes referred to as society. Skewness and heavy tail returns form member royalty payments are estimated using skew-normal skew-t distributions parametric approach . We found strong evidence so-called ‘superstar effect’ which average payment made by PRO is still dominated extreme outcomes few earned substantial share from blockbuster hits that have endured over time. There little smaller niche dominating or replacing ‘superstars’. Economists others will benefit this empirical study emphasizes new understanding music industry PRO, performance copyright perspective.