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570 create a new one that, at least in part, comments on that author’s work. But that tells courts little about where to draw the line. Thus, like other uses, parody has to work its way through the relevant factors. Pp. 578–581.

(f) The Court of Appeals erred in resolving the fourth § 107 factor, “the effect of the use upon the potential market for or value of the copyrighted work,” by presuming, in reliance on Sony, supra, at 451, the likelihood of significant market harm based on 2 Live Crew’s use for commercial gain. No “presumption” or inference of market harm that might find support in Sony is applicable to a case involving something beyond mere duplication for commercial purposes. The cognizable harm is market substitution, not any harm from criticism. As to parody