Two years ago, Tracy Chapman taught everyone about copyrights when she sued and accepted an offer to settle with Nicki Minaj for $450K. I wrote about it HERE. Now, in 2024, the artist is getting her well-deserved flowers and the bag (multiple bags).
Debuting 35 years ago, “Fast Car” has been covered by artists from various genres like Khalid, Justin Bieber, and Sam Smith, but Luke Combs’ cover catapulted the song to the top of the country music charts. As the sole songwriter, Tracy Chapman has/will receive publishing revenue from her original version AND the Luke Combs’ version[1].
Beyond her iconic music, this inspiring story, due to an unlikely collaboration, reminds all entrepreneurs of the importance of safeguarding their creative output. Check out these ten valuable takeaways:
1. Intellectual Property Protection
Tracy Chapman's "Fast Car" resurgence underscores the significance of entrepreneurs prioritizing protecting their intellectual property rights to prevent unauthorized use or exploitation.
2. Licensing
To monetize and maintain control over their work, it is essential for entrepreneurs to craft clear and enforceable agreements.
3. Brand Recognition
The enduring popularity of "Fast Car" illustrates the power of building a strong brand. Business owners should focus on creating memorable and impactful brands to enhance recognition and marketability of their business. This includes your business operations.
4. Revenue Streams
The work was created over thirty years ago. Business owners benefit from unlocking the full potential of their signature work by exploring diverse revenue streams.
5. Quality Over Quantity
Tracy Chapman has several hits and will likely end up in the Songwriters Hall of Fame, but her universal appeal is due to the quality of her work. Authenticity and focusing on crafting high-quality, original work can lead to establishing lasting value compared to following the masses.
6. Enforcement Strategies
Business owners can learn from Chapman's proactive approach to enforcing her copyright, which has over the years involved legal action against unauthorized use. It’s the responsibility of business owners to protect their business.
7. Adaptability and Innovation
Innovative adaptations and collaborations breathed new life into the song. Adaptability will take you far. There’s value in adapting your intellectual property to suit changing market trends and leveraging partnerships and collaborations to reach new audiences.
8. Community
Tracy Chapman's resurgence was fueled in part by enthusiastic fan engagement and viral moments on social media. Business owners should actively engage with their audience and leverage social media to promote their work and foster a loyal community.
9. Ethics
Do unto others. It is important for a business owner to protect their intellectual property rights, but it’s equally important to respect the rights of others. Take care to educate everyone on your team, and anyone you partner with, about obtaining the appropriate permissions if using another’s intellectual property. Not doing so can ultimately cost you money, waste time, and damage your reputation.
10. Longevity and Legacy
The enduring popularity of "Fast Car" serves as a reminder of the long-term value of intellectual property and its potential to leave a legacy. With legacy in mind, focus on producing work that is impactful.
[1] https://www.billboard.com/music/country/tracy-chapman-reacts-luke-combs-fast-car-cover-1235367446; https://www.rollingstone.com/music/music-news/tracy-chapman-fast-car-streams-triple-2024-grammys-1234963453