The Indonesian Minister of Tourism and Creative Economy, Sandiaga Uno, on February 2023 highlighted the importance of building trust between stakeholders in the creative economy industry and financial institutions. Uno’s comments were made in the context of the use of YouTube content as collateral for a bank’s financing, a concept that was confirmed by the Minister. To this end, it is imperative to prioritize and establish trust between stakeholders, particularly those involved in creative economy sectors. This approach will help foster a shared understanding regarding the types of creative economy products that can be utilized as debt guarantees.
In accordance with the government regulations stipulated in Government Regulation of the Republic of Indonesia Number 24 of 2022 regarding Implementation of Law Number 24 of 2019 Regarding The Creative Economy (PP No. 24 of 2022), players in the creative industry must meet specific requirements to qualify for a financing. The prerequisites consist of having a creative economy business industry, proposals for financing creative economy businesses, having agreements regarding the intellectual property of creative economy products, and possessing certificates for intellectual property. Moreover, the intellectual property assets or content used as collateral must undergo an intellectual property appraisal or valuation that can determine their market value. This is an essential step to ensure that the intellectual property assets used as objects can produce measurable economic benefits. Furthermore, it is necessary that the YouTube videos used as collateral are duly recorded or registered in the database of the Ministry of Law and Human Rights.
According to Sandiaga Uno, the rapid development of the digital ecosystem has created a new trend among the youth, as evidenced by the growing interest in becoming content creators and influencers. In fact, an article published by a popular search engine revealed that many Indonesians are interested in becoming YouTubers. It is, therefore, not surprising that Uno believes YouTube content cannot be separated from the vast digital economic opportunities available in Indonesia.
However, a notable concern is whether this practice can be implemented in reality. Indeed, not all YouTube videos can be used as collateral, and therefore, it is essential to consider whether the object in question involves only revenue to be regarded as collateral or a transfer of copyright ownership from the creator to the bank. This is particularly important given that, as we understand from the Copyright Law, the copyright holder and the creator may be different entities.
In conclusion, the use of YouTube content as collateral is an interesting development that could significantly benefit players in the creative economy sector. However, it is crucial to prioritize the establishment of trust between stakeholders and ensure that all intellectual property assets are thoroughly evaluated and documented before they are utilized as collateral, and to ensure what kind of object (revenue or the ownership) that being assigned as the collateral to the bank.
Email: astari@aco-law.com
1 See Article 7 paragraph 2 of Government Regulation of The Republic of Indonesia Number 24 of 2022 on the Implementation of Law Number 24 of 2019 Regarding The Creative Economy (In Indonesia: Peraturan Pemerintah Republik Indonesia Nomor 24 tahun 2022 Tentang Peraturan Pelaksanaan Undang-Undang Nomor 24 Tahun 2019 Tentang Ekonomi Kreatif/ PP No. 24 of 2022)
