Report: Piracy Costing L.A. Billions
A new report released today (Feb. 16) says that global piracy cost Los Angeles-area companies $5.2 billion and the city at least $483 million in tax revenues in 2005.
The study, conducted by the Los Angeles Economic Development Corporation
(LAEDC)
identifies measurable losses in local revenues, jobs, wages and taxes due to piracy. The report describes the economic impact of piracy across nine different sectors of the Los Angeles economy and finds the entertainment industries - motion pictures, music, and related industries - to be hit hardest.
The recording industry reports that the global trade of pirate music discs was worth $4.5 billion globally in 2005, with 80 million discs seized - up from 36 million discs in 2004.
In response, local officials have formed an Inter-Governmental Anti-Counterfeit Task Force, a group made up of a diverse cross section of the community representing industry, law enforcement, business leaders, government, prosecutors and judges. The goals of the task force will be to come up with specific policy recommendations and to identify resources to deal with the problem of counterfeited goods.
The study, conducted by the Los Angeles Economic Development Corporation
(LAEDC)
The recording industry reports that the global trade of pirate music discs was worth $4.5 billion globally in 2005, with 80 million discs seized - up from 36 million discs in 2004.
In response, local officials have formed an Inter-Governmental Anti-Counterfeit Task Force, a group made up of a diverse cross section of the community representing industry, law enforcement, business leaders, government, prosecutors and judges. The goals of the task force will be to come up with specific policy recommendations and to identify resources to deal with the problem of counterfeited goods.
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