Record labels

A new study released the US’s Institute For Policy Innovation estimates that worldwide recorded music piracy (including counterfeit discs & tapes, bootlegs and illegal file swapping) costs the US $12.5 billion in economic output and 71,060 in jobs annually in the US. Billed as the first report to ever “credibly estimate the impact of sound recording piracy not just on the recording industry, but also on the US economy as a whole”, the paper estimates that the record industry itself loses $1.1 billion because of piracy, but that the knock on effect on other industries costs a further $1.6 billion. Of the 71,060 jobs effected, the report says 26,860 are in the recording and music retail sectors, while 44,200 come from other effected industries. The report adds that the piracy losses also cost the US government $422 million in taxes.