Copyright collecting companies have submitted a petition urging the South Korean government to increase the music royalties compensation from 0.65% to 2.5%.
According to the Korea Music Copyright Association (Komca), 23 overseas copyright companies have submitted the petition to the Korean Ministry of Culture, Sports, and Tourism, asking for an increase in price. These companies were mostly based in U.S., France, Spain, and Japan.
The ministry, in its turn, has approved the request clarifying that the fees will increase from 1.5 percent (which is the current rate) to 1.9995 percent by 2026.
Komca is a copyright collecting agency that deals with licensing and organizing copyrighted work. Komca was founded in 1961, being the second biggest association of its nature in Asia following JASRAC in Japan. The association is the only association in Korea that deals with copyright issues.
Wavve, Tving, Watcha, along with other local OTT companies have demanded the reconsideration of the petition by attempting to file a lawsuit.
Komca, on the other hand, has clarified that if these video streaming services keep on refusing the new decision, the association will grant itself the right of taking legal actions against them over copyright breach.
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