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Online Piracy To Cost Music Industry Over $10 Billion Per Annum By 2003
A study by Magex, the digital services company, estimates that by 2003, copyright infringement on the internet could cost the music industry in excess of $10 billion per annum unless an effective solution to control the problem is found. Peter Beverley, CEO of Magex said, 'At present, the music industry is using the law as its first line of defence, but it is highly unlikely that this on its own will produce a solution. In short, the breadth of the problem and the speed of technological advance is likely to overwhelm the judicial system.' The study, 'Online Music Piracy: I fought the law and the law…', highlights the rapid changes occurring as a result of the arrival of the 'new economy', in particular: *The growth of PC and Internet penetration around the world *The arrival of broadband *The arrival of wireless technology *The increasing portability of peripherals *Improving compression technologies *The Increasing size of hardware memory *The ethics of the internet generation *The impact of services such as Napster and Freenet *The growing public awareness of the availability of online music The report analyses the industry's current efforts through the law courts and through technology, and concludes that in their current form these will be insufficient to counteract the proposition put forward by pirates - free music. It concludes that the music industry will find its solution by creating more valuable propositions to that of pirates. Already smaller music publishers are making moves in this direction, and there are steps being made by some industry leaders. The question that remains is whether the industry will be able to take imaginative and definitive action fast enough.
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