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While a boon to oil-dependent countries such as Saudi Arabia,
the price rebound
also is good news for an energy industry
laid low by the demand-sucking pandemic.
油价反弹不仅对沙特阿拉伯等依赖石油的国家是件好事，对疫情下因需求不振而表现低迷的能源行业来说，也是个好消息。
1.boon: something that is very helpful and makes life easier for you
2.lay sth adv./prep. :(formal) to put sb/sth in a particular position or state, especially a difficult or unpleasant one 所以这里laid low意为 被疫情限制，从而引申为表现低迷
面对音乐作品“滚雪球式”的巨额收入，音乐作品版权理所当然地成为了投资者的热门选择。这里所说的投资者是音乐版税基金等一类新兴参与者，他们通常拥有稳定的巨额现金流，专注投资音乐版权。
Earlier this year, as the music industry was stopped in its tracks by the coronavirus, a company called Royalty Exchange offered him the chance to raise some cash. Since 2016 it has run an online marketplace that brings together musicians who want to sell their work and
punters
wanting to invest in
royalties.
今年早些时候，由于新冠病毒阻止了音乐行业的发展，一家名为“版权交易”的公司向他提供了筹集资金的机会。自2016年以来，该公司运营着一个在线市场，将想要出售自己作品的音乐家和希望投资版权的客户聚集在一起。
Music royalties are a complicated business. When a song is recorded, copyrights are created both for the composition of the song and the recording itself. Each of those rights is then
split into
mechanical rights (generated when a song is sold in a physical
format
or streamed), performance rights (when it is played on the radio or live at a concert) and
synchronisation
rights (when it appears in a film, television programme or a video game).
音乐版权是一项复杂的业务。当一首歌被录制出来，歌曲的作曲和录制本身就有版权。这些版权再下分为机械式的复制权（当一首歌以实体形式或流媒体形式出售时产生）、表演权（当一首歌在收音机上播放或者在音乐会现场直播时产生）和同步权（当一首歌出现在电影、电视节目或电子游戏中产生）。
There are several reasons why music royalties seem attractive at the moment. Mr Martini believes investors are drawn in by a rate of return that is insulated from macroeconomic trends.
Music rights offer a predictable stream of income—people tend to tune in no matter what the economy is doing.
Owning a song is more fun than buying a slice of a company. And once they have been bought, songs need not require much attention.
有几个原因可以解释为什么音乐版权现在看起来很有吸引力。马提尼认为，吸引投资者的是不受宏观经济趋势影响的音乐版权投资回报率。
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拥有一首歌比买下一部分公司更有趣。而歌曲一旦被购买，就不需要太多关注。
Not everyone agrees that buying royalties should be a passive business, though. In 2018 a former manager of Iron Maiden and Guns N' Roses, Merck Mercuriadis, founded an investment company called Hipgnosis. More than 90% of the firm's shares are held by institutional investors, including axa, an
insurer
, and the Church of England.
然而，并非所有人都同意购买版税应该是一项被动投资业务。2018年，“铁娘子乐队”和“枪炮与玫瑰乐队”的前经理默克·墨库亚迪斯创立了一家名为犀浦诺西斯的投资公司。该公司超过90%的股份由安盛保险公司和英格兰教会等机构投资者所持有。
The aim is to improve the lot of songwriters, who do not have the same opportunities as performers to
make money
through tours and merchandise.
这样做的目的是提高歌曲创作者的生活水平，因为他们没有像表演者一样可以通过巡回演出和销售商品来赚钱的机会。
本文节选自：The Economist（经济学人）
发布时间：2020.12
作者：The Economist
原文标题：The market for song royalties is a hit for investors
