The True Cost of Pirating Music -- $72 Trillion

[Akapod]

From NME:

The Recording Industry Association of America (RIAA) estimates that filesharing website LimeWire owes it over $72 trillion dollars (£46 trillion) in damages.

In October 2010, Limewire was forced to shut down after a judge in the Federal District Court ruled that its main filesharing functions be disabled, but the RIAA is still actively pursuing its owners for damages.

Given that the combined wealth of the entire planet is around $60 trillion (£38 trillion), the RIAA likely has no hope of securing this in damages, but believe this is what it is owed, reports Computerworld.com.

In the suit, the RIAA says that given that the courts have identified over 11,000 songs as "infringed" material, and, as each song has probably been downloaded thousands of times, it should be compensated for each individual download.

[AudioDoctor]

I hope the judge throws it out and fines them for wasting the courts time...

[dkAudio]

sounds about right..

[DaQi]

I hope the judge throws it out and fines them for wasting the courts time...

A great talk on TED that describes the detailed logic behind these types of conclusions.

Rob Reid: The $8 billion iPod | Video on TED.com

[Jud]

You would think the RIAA could afford smarter representation. Is it too much to ask that someone in the chain of people responsible for composing the legal pleadings change the amount to something less cringe-worthy? In fact, I don't think specifying an amount is necessary. [Lawyer talk] Federal law, so no need to meet an amount for diversity jurisdiction, and IIRC damages aren't a necessary element of a copyright claim, are they? [/Lawyer talk]

[Julf]

Well, you have to factor in all the interstellar pirates too...

[AudioDoctor]

A great talk on TED that describes the detailed logic behind these types of conclusions.

Rob Reid: The $8 billion iPod | Video on TED.com

HAHA, best TED talk I have bothered to watch so far...

[Paul.Raulerson]

Very sad, because so many people will read that and believe it. I wish we could bill the RIAA for all the time and trouble they cause. They would be bankrupt and in receivership within 5 business days. I wonder how those people can look at themselves in the mirror each morning?

-Paul

[orgel]

I wonder how those people can look at themselves in the mirror each morning?

You're talking about Washington lawyers working for the trade association that represents the recording industry. Speaking as a former long-time employee for an even more evil (and bigger) trade association, I will say that (1) I had trouble looking at myself in the mirror, and (2) the folks that work at or for those places and are happy to do so are strictly in it for the (a) money and (b) ego gratification. There's no moral calculus in play. In any case, the judge put them down, so so much for Item b.

--David

[Hunter Thompson quote here.]

[Brian A]

... let's see, hummmm ... 72 teradollars / 6.6 gigapeople = 11 kilodollars / person. Yike!

[esldude]

You have it Brian in its absurdity. Everyone on the planet owes $11k. Ridiculous.

Yeah, I should be able to show I paid royalities from back in the LP and 8 track days. Pay a minimal charge for the new version as I have purchased rights to it the first time. Damn music companies need to move into the 21st century. Otherwise, they are like buggy whip makers and will suffer the same fate.

[Paul.Raulerson]

Please, don't wish that! Our only advantage over them is a century or so of advanced technology!

Let the buggers stumble about with early 20th century tech!

Paul

[souptin]

I seriously doubt if repurchasing music at a discount (because of a previous purchase in another format) will become a reality. Am even unsure if it has even been tried as a legal defence against an RIAA prosecution.

Organisations invest heavily in creating distribution networks. In fact the music industry used to (controversially) even pay to have their product played - free to listeners - on the radio networks. So there is just a slight touch of irony in there somewhere at their current predicament. Mind you, cannae say I lose too much sleep worrying over how to maintain the lifestyles of Justin Beaver (or whatever he's called) and a few RIAA executives.

What I am more interested in, however, is what smaller music production companies / people see as a way forward to allow them to continue to bring us great music and earn themselves a fair living. Somehow I doubt if they get much of a share of any proceeds from these absurd legal wranglings.

[abqnmusa]

The RIAA and the recording industry caused their own failures. They kept music pricing far too high for decades. That led to people not buying music or seeking other sources.

[beetlemania]

The RIAA and the recording industry caused their own failures. They kept music pricing far too high for decades. That led to people not buying music or seeking other sources.

Yep, the $11K each person on Earth owes them needs to be discounted by the amount they've overcharged us for decades. Why did CDs, when they debuted, cost twice as much much as an LP despite costing a fraction as much to manufacture?

[brunk]

From NME:

The Recording Industry Association of America (RIAA) estimates that filesharing website LimeWire owes it over $72 trillion dollars (£46 trillion) in damages....

Lol, "damages"...that's a good one. I think they mean "pure profit". Several reports have been conducted that selling DVDs is more profitable than cocaine. Drug mafias are already doing it. Just google for yourself and find out.

Oh, and "smoking doesn't kill" either :P

[maldaw]

'Just wondering how much of that would find it's way back to the Artists??? :-((

[4est]

'Just wondering how much of that would find it's way back to the Artists??? :-((

Amen! I would feel much better about re purchasing things if I knew the artist was getting a decent cut. As it is, it reminds me of Microsoft. Holding back technology and parsing it out at the max amount per iteration.

[orgel]

Amen! I would feel much better about re purchasing things if I knew the artist was getting a decent cut.

I think the longer term future of (non-free, legal) content distribution doesn't have much of a place for the traditional middlemen, like record companies and book publishers. The problem, though, is it appears that the "retailer" (think Apple or Amazon) takes over some of the functions of the "publisher." I'm not sure this provides much benefit for the consumer, but it does have the potential to get more money to the content producer.

--David

[abqnmusa]

Yes, I would prefer to buy music directly from the bands website. direct support of the music you like. Just keep the pricing reasonable and I think most people would buy legal copies to support the band.