Copyright term, film labeling, and film preservation legislation : hearings before the Subcommittee on Courts and Intellectual Property of the Committee on the Judiciary, House of Representatives, One Hundred Fourth Congress, first session, on H.R. 989, H.R. 1248, and H.R. 1734 ... June 1 and July 13, 1995 (1996)

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54 2 of 3 Third, American creative works are the most globally popular, the most patronized, and the most sought after by exhibitors in theaters, television and home video all over the world. Which is why U.S. movies /TV programs and home video are America's most wanted exports, delivering back to our country more them $4 Billion in SURPLUS balance of trade. Intellectual property, consisting of the core copyright industries, movies, TV programs, home video, books, musical recordings and computer software comprise almost 4% of the nation's Gross Domestic Product, gather in some $45 Billion in revenues abroad, and has grown its employment at a rate four times faster than the annual rate of growth of the overall U.S. economy. Whatever shrinks that massive asset is NOT in America's best interests. The case for copyright term extension is tliat simple. What are the contrary views? Some academics plead that the consumer would be benefited because more public domain works would find wider circulation at cheaper prices. What academics do not observe or do not know is that while an American public domain work may be SOLD cheaper to exhibitors in many international markets, consumers <ire NOT grcmted cheaper prices. Npt at all. The theater ticket remains the same price. TV station, home video stores give no discounts to the public. Advertising rates do not come down. Academics also assert that when copyrighted works lose their protection, they become more widely available to the public. Again what academics do not observe or do not know is a simple marketplace truth: Whatever work is not protected is a work that