RECAP: Music Piracy Costs Hundreds of Millions, SOCAN Releases New APIs, Spotify Gets Millions of DJ Mixes
Posted by Glen Sears | May 31, 2016 9:38 am | No Comments
Story of the Week
Music Piracy Costs Europe $190 Million a Year, EU Study Estimates
Music piracy has taken a small but noticeable bite out of potential profits for the recording industry throughout Europe, according to a new study by the European Union Intellectual Property Office. The report places an estimate on lost music sales in 19 EU states as a result of piracy in 2014, and comes up with a total of €170 million ($190 million), or 5.2 percent of all sales.
When broken down, that amounts to €113 million ($126 million) in lost digital sales and €57m ($63.5 million) in lost physical sales, the report finds. That’s the equivalent of 5.2 percent of the sector’s revenues from both physical and digital sales.
Two member states, Germany and the U.K., account for more than half of those losses. Europe’s biggest market, Germany lost €40 million ($44.5 million) in sales due to piracy, while the U.K. lost €49 million ($54.6 million). In France, where physical sales make up two-thirds of music sales, about €26.4 ($29 million) remained on the floor. And in the land of Spotify — Sweden — €8.9 million of the €9.1 million ($10 million) total lost was in digital formats.
Top Music News Stories
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