The USIBC (US India Business Council) has released a study titled “The Effects of Counterfeiting and Piracy on India’s Entertainment Industry” prepared by Ernst and Young which shows that the industry loses Rs. 16,000 crores and 8,00,000 jobs every year to theft and piracy.
The policy study was commissioned by the USIBC and FICCI as part of their Bollywood-Hollywood initiative and has been funded by the Global Intellectual Property Center of the U.S. Chamber of Commerce.
FICCI Secretary General Dr. Amit Mitra pointed out:
“The Media and Entertainment industry in India is an industry of the future. India’s entertainment industry already generates more than $11 billion annually for the country, growing at a combined annual rate of over 18%. If we can stop piracy, these industries will grow even faster and employ more Indian workers.”
Farokh T. Balsara, National Sector Leader, Media Ernst & Young-India, talked about the mode of data collection as well as the other factors involved in the study:
“Our Mumbai office collected data for this study from on the ground up via direct interviews with stakeholders from the Bollywood entertainment industry. We looked at the industry from every angle films, music, TV, radio, and electronic games. The story was the same across the board: if we can slow or stop piracy, a direct correlation in the generation of wealth and employment will be the result.”
Commenting on the USIBC-FICCI Bollywood-Hollywood Initiative, USIBC President Ron Somers said:
“This study is only the beginning. Now that we have documented the job and revenue losses to the Indian entertainment industry from piracy, we intend to continue fighting piracy across the board. We will strive to bring these findings to the attention of the average person in India. We will attempt to enlist more effectively the U.S. and Indian governments to cooperate in fighting the scourge of piracy in India, as well as in the U.S. and worldwide. We strongly support passage by India of optical disc legislation that will thwart piracy in this important industry.”
More information here.