The production of films and television shows provides nearly a million jobs in the US, and it brings in hundreds of billions of dollars in revenue each and every year. However, this number is about thirty billion lower than it should be due to the increasing number of people that are just pirating movies instead of paying for them. The fact of the matter is that this estimate is on the conservative side, and if you get really liberal with your estimates you would find that nearly seventy billion is lost each year due to piracy. In essence, the annual revenue from movies and shows should exceed three hundred billion dollars a year but instead the number is closer to 230 billion, that's according to The Global Innovation Policy Center study.
The intriguing thing is that piracy is no longer a download based endeavor. Much on the contrary, it is the sort of thing that is done through streaming, and videos that have been uploaded using piracy have been viewed upwards of two hundred billion times over the past year, so this is a problem that is quite serious and needs to be handled before it starts to get even worse.
"While there is no single solution, global collaboration among industries and governments to educate consumers of the dangers of piracy, coupled with the expansion of legal options in cases of infringement, is necessary to curb these negative effects.", suggest study.
Chart courtesy of: Statista.
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