For the music industry the age of manufacture is now over. Companies (and company profits) are no longer organised around making things but depend on the creation of rights. In the industry's own jargon, each piece of music represents ‘a basket of rights’; the company task is to exploit as many of these rights as possible, not just those realised when it is sold in recorded form to the public, but also those realised when it is broadcast on radio or television, used on a film, commercial or video soundtrack, and so on. Musical rights (copyrights, performing rights) are the basic pop commodity and to understand the music business in the 1980s we have to understand how these rights work. In this article, then, I begin and end with record companies' uses of copyright law and ideology to defend themselves against current technological and political threats to income, but I also want to ask questions about how the law itself defines music and determines the possibilities of musical ‘exploitation’. And this means putting contemporary arguments (for and against the blank tape levy, for example) in historical perspective.