News: music piracy costs US economy 71,060 jobs

As set forth in this report, the U.S. sound recording industries are now sustaining approximately $5.33 billion in losses as a result of global and U.S. piracy. In addition, U.S. retailers are losing another $1.04 billion. These estimates suggest total “direct” losses to all U.S. industries from music piracy that exceed $6.37 billion.

These direct losses then cascade through the rest of the U.S. economy and the losses of economic output, jobs and employee earnings “multiply.”

Based on the analyses set forth in this paper, because of music piracy, the U.S. economy loses a total of $12.5 billion in economic output each year.

Furthermore, the U.S. economy also loses 71,060 jobs. Of this amount, 46,114 jobs are lost at the U.S. production level for sound recordings while 24,946 jobs are lost at the U.S. retail level.

Because of global piracy in recorded music U.S. employees lose $2.7 billion in total earnings annually. Of this total, $2.0 billion is lost at the U.S. production level while $700 million is lost at the U.S. retail level.

Finally, as a consequence of piracy in sound recordings, U.S. federal, state and local governments lose a minimum of $ 422 million in tax revenues annually. Of this amount, $291 million represents lost personal income taxes while $131 million is lost corporate income and production taxes. full report

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