India loses close to $4 billion a year to piracy
India loses close to an estimated $4 billion a year to piracy, according to a new study released.
From the Hollywood Reporter:
The Indian entertainment business loses $4 billion per year to piracy a new study released Thursday on the final day of the FICCI Frames conference.
India’s television industry loses $2.68 billion, while film lost $959 million. The U.S.-India Business Council (USIBC), in association with the Federation of Indian Chambers of Commerce and Industry (FICCI), commissioned the study. It was prepared by Mumbai-based consultants Ernst & Young India as part of the USIBC-FICCI Bollywood-Hollywood Initiative and covers film, music, television and video games. The study was funded by the Global Intellectual Property Center of the U.S. Chamber of Commerce.
The loses attributed to piracy also cause a loss of 820,000 jobs, according to the report.
Read the press release from the US-India Business Council about the study here.
