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  "notes": "The slide uses a background image of Tony Bennett and Lady Gaga, likely to illustrate the industry context.",
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      "text": "IP RIGHTS: Collection of master recordings owned by a record label or performing artist. PROTECTED ASPECT OF WORK: Sound recording of a composition. RESPONSIBILITY OF RECORD LABEL: Monetization & exploitation. INCOME: Royalty income.",
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      "text": "KEY CASH FLOW METRICS: Revenue / Sales / Royalties (-) Artist Royalties (-) Manufacturing & Distribution Costs = Net Label Share (NLS) (-) Operating Expenses = EBITDA Amortization Advances Recoupments Capex",
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