Bangkok: Commerce' supports the development of the Flips.IP platform as a central market, converting music copyrights into 'tokens', digital assets, helping raise funds for artists and music labels to generate income.
According to Thai News Agency, Mr. Pichai Naripthaphan, Minister of Commerce, witnessed the signing ceremony of the cooperation in developing the Flips.IP platform. The initiative aims to be a financial innovation that generates income from intellectual property, supporting the use of intellectual property as a tool for fundraising and enhancing access to financial resources. The Department of Intellectual Property acknowledged the current challenges in the Thai music industry, including difficulties in accessing funding, sourcing necessary materials and equipment, and promoting musical works.
Flips Innovative Co., Ltd., which co-developed the platform, aims to transform music copyrights into valuable assets. This strategy also assists Thai artists in securing capital to create works and use them as collateral for loans, with the cooperation of various banks. The Flips.IP platform facilitates the conversion of copyrighted works into digital assets or tokens, offering services or privileges such as exclusive song previews or participation in special events. It also provides tokens that yield returns from music copyright income, under the supervision of the SEC. According to the Global Music Report 2024, the Thai music market was valued at 3.6 billion baht in 2023, ranking as the largest in ASEAN and 26th globally.
Ms. Nusara Kanjanakul, Director-General of the Department of Intellectual Property, emphasized the importance of copyright registration with the department, enabling investment in digital assets and ensuring copyright owners receive benefits while safeguarding their rights.
Mr. Duangrit Bunnag, advisor to the subcommittee on industrial design strategy development, noted that commercial banks will act as intermediaries in converting digital tokens into financial resources. The current market value of music stands at 4 billion baht. By converting music copyrights into capital, the market value is expected to grow continuously. The Flips.IP platform will serve as an investment intermediary for music copyright owners and new artists, becoming a fundraising source for startups.