Monday, March 24, 2008

Piracy in India – industry losses at $4 bn [Innovations in IT help counterfeiters cross geographical limits]

Piracy and counterfeiting are growing and deprived the Indian entertainment industry of some $4 billion (Rs16,240 crore), or almost 40% of potential annual revenues, as well as around 820,000 jobs, according to the first Bollywood-Hollywood collaborative study. Industry officials in both the US and India hope to use the study’s findings to call for stricter legislation and tougher policing of the grey market, part of a joint attack on piracy.

Losses to the industry from the trade in illegal CDs, DVDs, music downloads and cable television account for 38% of total potential sales, or $4 billion, an increase from the 25-30% leakage estimated in the prior year period, according to a joint report by the US-India Business Council (USIBC) and the US Chamber’s Global Intellectual Property Centre.

Titled "The Effects of Piracy and Counterfeiting on India’s Entertainment Industry", the report argues that efforts to curb piracy in India’s $11 billion entertainment industry have been hampered by the lack of a cohesive strategy.

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