Music Piracy causes a Loss of $ 1.5 Billion to The Industry

Music piracy has for the past so many years been eating away from the purses of music companies worldwide. To put a figure to those losses, according to The Guardian, Music Piracy has caused global record labels to lose around $ 1.5 Billion last year.

Untill last year the three largest markets for 'physical' music sales were US, Japan and then UK. Owing to rampant piracy, UK has now lost that top spot to Germany. The sale of Music CD's dropped by almost a fifth in UK.

One upside to this is that Digital Revenues for these record label companies has increased significantly, even recording double digit growth rates in some countries like Germany and France.