뮤직카우 사업 모델의 저작권법 쟁점에 대한 소고 -저작권 재신탁, 권리변동 등록을 중심으로-

The Musicow business model, launched in 2016, utilizes copyright as a vehicle for investment and a catalyst for new value creation. This model is expected to have a positive impact on the copyright industry by issuing and circulating securities based on future royalty claims, thereby diversifying asset valuation risks and mitigating uncertainties in future cash flows. However, as an unprecedented business model, it faces various challenges that are difficult to accommodate under the current Korean copyright system. Specifically, hurdles such as the purchasing entity acquiring copyrights in the capacity of a music publisher, the complexities of the copyright re-entrustment structure, and the inherent limitations of the recordation system as a public disclosure mechanism hinder copyright finance businesses like Musicow from firmly establishing themselves within the regulatory framework. To address these issues, this paper proposes: (1) amending trust agreements to allow purchasing investment entities-rather than actual music publishers-to acquire copyrights; (2) permitting limited re-entrustment; (3) requiring the registration of the original copyright as a prerequisite for recording transfers intended for financial utilization; and (4) promoting copyright registration through tax incentives. These measures would enable purchasing entities to secure copyrights stably and allow the copyright registration system to restore its fundamental function as a public disclosure mechanism for copyright finance. Given the continuous global and domestic growth of the copyright finance industry, it is imperative to promptly establish a supporting institutional framework.