Online Piracy Effects Music Industry



Table of Contents

Abstract1

Introduction2

Discussion2

Conclusion4

Recommendation4

References6

Abstract

Intellectual property is losing billions of dollars every year to online pirates' hands and no one can do anything meaningful about it. No firm or country has been able to stop this menace yet. The problem is that, countries have not been able to build consensus and willingness to stop it and businesses in the music industry have largely failed to stop it by introducing business model that lure back their fans and listeners to become buyers instead of pirates. Even the fans are involved in the piracy.

Governments need to develop consensus and willingness to bust this crime out before the intellectual property owners get discouraged more and more. The music industry needs to work on a business model that is more effective in luring back the fans and listeners to legally buy and not stealing their own star's work. This requires efforts across the borders including commitment from all stakeholders including listeners.

Online Piracy Effects Music Industry

Introduction

Background

The theft of physical goods is often taken a very serious matter, however, few people understand that, the theft of intellectual property is now becoming widespread and they are involved in it on regular basis. Internet is no doubt a blessing for all. It has brought a new era of prosperity and free information age. However, many have abused this tool of prosperity to distribute something for free that is not their own, rather than more of stolen. Intellectual property is losing billions of dollars every year to these online pirates' hands and no one can do anything meaningful about it. No firm or country has been able to stop this menace yet (Markmonitor, 2011).

Identification of the problem

The problem is that, countries have not been able to build consensus and willingness to stop it and businesses in the music industry have largely failed to stop it by introducing business model that lure back their fans and listeners.

The purpose of this report is to identify the loses resulting from this online piracy of Music and the ways to stop it and protect the music industry from falling into trap of complete darkness of theft. The report will through light on the possible solutions in the industry and what are the best practices regarding online piracy of music and what steps are countries taking of protecting music. Discussion

The problem is that, the piracy of music has been spurred by the wide spread use of internet, due to its cheap and ease of availability. The high-speed internet connections have given the freedom of doing things that required a lot of effort and money. The businesses involved in the production and marketing of Music have remained failing in bringing a full stop to this theft. Intellectual property of all type is at stake in all countries, however, few others match the extent of Music piracy as it is the second largest industry that is earning revenues from digital sales in 2011 (PWC. 2012). The digital music revenues are on ...