What's this global summit shows is there is no such thing as a single global market for art, music, movies, stories or other forms of information. "People in Iceland want to look at YouTube posts of people in Iceland," said Guorun Bjork Bjarnadottir, general manager at STEF, the Performing Rights Society of Iceland. "And every other country here feels the same way." This passionate regionalism for stories, movies and art is worsened by a digital content network that struggles to monetize ideas consistently around the globe. Take Rogojina Sergiu, a lawyer at Okuasp, the Organization of Collective Management of Copyright and Neighboring Rights in Ukraine, a 2-year-old start-up that collects artists' fees in that country. "We see a growing opportunity in administering artist's rights," Sergiu says. He explains that even in the Ukraine -- which is on the U.S. government watch list for piracy -- he has had success in collecting fees at live events and restaurants. But the Internet, he says, is "not real at this moment. There is no market for that now."
That all means investors will face the same sad digital-age song: The global market for ideas, songs, music and stories will be a tough song to master for some time. "When companies are small, they can't pay," explained Tero Ojanpera, managing partner for Vision, a Finland-based media investment fund. "When they get big, they don't want to pay. Nobody knows quite yet how to change that."