Music Piracy costs the US $12.5 billion and 71,000 new jobs each year!

A study from Institute for Policy Innovation reports a stunning figure – US$12.5 billion loss plus 71,000 new jobs. That’s a lot of money!

The report, entitled “The True Cost of Sound Recording Piracy to the U.S. Economy” was compiled using a similar methodology to that developed by the motion picture industry in their efforts in grappling with the piracy, using data culled primarily from the International Federation of the Phonogram Industry study “2006 Global Recording Industry in Numbers.”

Full report at Reveal Massive Losses from Music Piracy.

Some key findings, due to the sound recording piracy:

  • $12.5 billion economy losses in output including revenue
  • 71,060 jobs loss: 26,860 in sound recording industry, and 44,200 jobs in other related field
  • because of sound recording piracy, US workers lose $2.7 billion in earnings annually
  • US government lose a minimum of $422 million tax revenues

I think that instead of fighting against music piracy, the music industry needs a new revolutionary business model. Now seems like the period of transition.

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