Entertainment industry loses $4 Bn annually
Date: Wednesday , April 02, 2008
The Indian entertainment industry annually loses over $4 billion to piracy, leading to the loss of about 800,000 jobs, according to a report by the audit firm Ernst and Young India.
The report, commissioned by the U.S. and Federation of Indian Chambers of Commerce and Industry (FICCI), was released in Mumbai during the FICCI-Frames 2008 global convention on the entertainment business.
It highlights the value of intellectual property and the adverse impact of piracy on creativity and innovation in films, music, television, and video games.
Ron Somers, President of the U.S.-India Business Council (USIBC), says, “This study estimates that the industry loses about $4 billion each year to piracy. This is an enormous and unacceptable magnitude of loss by any measure.”
Bollywood director and producer Ramesh Sippy said that piracy is a major problem faced by the film industry. “If an average Indian wants a job in Bollywood, fighting piracy is a must,” he says.
Amit Mitra, FICCI secretary, says, “The media and entertainment industry in India is an industry of the future and is growing at the rate of 18 percent. If we can stop piracy, the industry will grow even faster and employ more workers.”