Music Industry in a Battle for Recovery.

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In the past two decades, the music industry has been and still is facing a major battle against online piracy and trying to make successful baby steps towards recovery. As a result of this illegal activity conducted allegedly or not, led the recording and distributing companies into economic shock. As stated in 2011 Frontier Economics article, in 2008 “the total commercial value of global music piracy was estimated at close to $40 billion” (qtd. in Stop the Music!). In fact, as reported in International Federation of the Phonographic Industry (IFPI) Digital Music Report in 2008, “in the United States alone, the economic impact to the music industry-in terms of lost revenue-has been estimated at $3.7 billion annually” (qtd. in Stop the Music!). According to Danny Upshaw and Laurie Babin, in 2009 the IFPI estimates that 95% of all downloaded songs are copied illegally (14). The increase of online piracy caused by economic efficiency, ease of accessibility of the digital files on the Internet, social norms, lack of knowledge of the laws related to music production, and lack of ethical consciousness mainly among the younger generation of our society is causing a major problem for the music industry. As the entire economy dips into a depression in the United States, people’s drive to save money is contributing towards increased numbers of illegal music downloading, which has a tremendous effect on revenues in music industry. This negligent act is occurring strictly along the younger generation, and college students. Brian Sheehan, James Tsao, and James Pokrywczynski are describing that more than 1 billion illegal songs are downloaded by college students (309). Furthermore, they state that according to Brittain, in 2006 college student... ... middle of paper ... ...urce Complete. Web. 25 Oct. 2013. Sheehan, Brian, James Tsao, and James Pokrywczynski. "Stop The Music!." Journal Of Advertising Research 52.3 (2012): 309-321. Business Source Complete. Web. 26 Oct. 2013. Tyler, Neil S. "Music Piracy And Diminishing Revenues: How Compulsory Licensing For Interactive Webcasters Can Lead The Recording Industry Back To Prominence." University Of Pennsylvania Law Review 161.7 (2013): 2101-2150. Business Source Complete. Web. 25 Oct. 2013. Upshaw, Danny, and Laurie A. Babin. "Music Downloading: Competing Against Online Piracy." International Journal Of Business & Public Administration 7.1 (2010): 14-26. Business Source Complete. Web. 25 Oct. 2013. Woolley, Darryl J. "The Cynical Pirate: How Cynicism Effects Music Piracy." Academy Of Information & Management Sciences Journal 13.1 (2010): 31-43. Business Source Complete. Web. 26 Oct. 2013.
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