With the advent of technology and applications such as Spotify and Pandora, many

Question

With the advent of technology and applications such as Spotify and Pandora, many songwriters and recording artists are questioning the loss of royalties and profits from their music because of the way monies paid by such music providers are siphoned through the music companies. Conduct research and discuss the legal and ethical issues faced by such entities. Address questions such as should artists and songwriters be entitled to a greater share of the monies paid by Spotify and Pandora, or are these entities compensating artists and songwriters fairly through promoting their music, which ultimately leads to profits generated by tour ticket and merchandise sales?

Explanation / Answer

Ethical behaviour is essential for long-term success in busines. Unethical behaviour distorts the market system leading to an efficient allocation of resources.

The conditions required for the efficient working of the market system. The right to own and control private property. Ownership of private property is necessary for exchange to take place. For the market to work, one must have the right to own private property and one's property right's must be respected.

A climate of trust provides improved communications- confidence among fellow workers, an openess and willingness to listen and accept criticism.

Moral standards are the yardsticks of business ethics. Business ethics is the process of evaluating decisions either pre or post. Business ethics involve the use of moral standards when making decisions.

Artists and songwriters should be entitled to a greater share of the royalties. The more royalties paid, the more they are motivated to work, the more the audience and fans enjoy listening.

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