Mommy and Daddy were right when they told you “Nothing is for Free” — “Free” always comes with a price tag. In this case, its about 12.5 Billion…..
According to a report released by IPI, rampant global piracy of recorded music has cost the U.S. $12.5 billion in economic output and 71,060 jobs annually.
The damaging result of music piracy:
— The U.S. economy loses $12.5 billion
— U.S. workers lose 71,060 jobs
— U.S. workers lose $2.7 billion in earnings, including $1.1 billion in earnings from workers in the sound recording industry or “downstream” retail industries, and $1.6 billion in earnings by workers in other U.S. industries; and
— The U.S. government loses at least $422 million in tax revenues, including $291 million in personal income tax and $131 million in lost corporate income and production taxes.
“Piracy harms not only the owners of intellectual property but also U.S. consumers and taxpayers,” says Stephen E. Siwek, author of the report and principal with Economists, Inc. “Moreover, the impact of music piracy appears to be intensifying.” (YAHOO)
Except for the music business, no other business in history has been seriously inflicted by criminal behavior…