Music Piracy's Financial Impact

Variety reports that a new report titled, "The True Cost of Sound Recording Piracy to the U.S. Economy," shows just how much music piracy affects the bottom line of the music industry:

Each year, according to the study, global piracy produces the following effects:

  • The recording industry loses $1.6 billion to bootlegged CDs and $3.7 billion to illegal downloads and file-sharing; related businesses, including music retail outlets, lose an additional $7.2 billion, bringing the total loss of potential revenue to $12.5 billion.
  • Some 22,860 new jobs are not created in the music industry, and an additional 44,200 are not created in related industries, totaling 71,060 unrealized jobs in the U.S.
  • Workers in the music industry and related industries do not see an additional $2.7 billion in income.
  • Accordingly, federal, state and local governments do not realize an additional $422 million in tax revenues.

We hear that music piracy may also give you AIDS, can make your car hard to start in the morning and may have been responsible for the attacks in New York and the assignation of Kennedy.

Cry me a river, fellas. The music industry has been bending over and dry-fucking artists for decades. Now that people are not running down to the record store and buying the overpriced crap that most musicians release, the industry has its panties in a bunch.

Its not about ethics, its all about money.

No comments:

Hollywood Dump on Facebook

In addition to the articles we post here, we also link to stories we think are interesting and post them to our Facebook page. If you're on FB, become a fan!