Mumbai, India, (ANTARA News/PRNewswire-AsiaNet) - The U.S.-India Business Council (USIBC) has released a new study showing huge job and revenue losses to the Indian economy as a result of piracy in India's burgeoning entertainment industry.
The study, `The Effects of Counterfeiting and Piracy on Indias Entertainment Industry', prepared for USIBC by Ernst & Young India, shows that as much as Rs. 16,000 crores are lost each year due to piracy. As many as 800,000 direct jobs are also lost as a result of theft and piracy, afflicting Indias entertainment industry.
Speaking at the Federation of Indian Chambers of Commerce and Industry (FICCI) FRAMES Business of Entertainment Conference, USIBC President, Ron Somers, said: "This study estimates that the Indian entertainment industry loses some 820,000 jobs and about $4 billion each year to piracy. This is an enormous and unacceptable magnitude of loss by any measure."
The piracy study was commissioned as part of the USIBC-FICCI Bollywood-Hollywood Initiative.
This study covers film, music, television and video games and has been funded by the Global Intellectual Property Center of the U.S. Chamber of Commerce, which aims to highlight the value of intellectual property, as well as illuminate the adverse impact theft and piracy have on creativity and innovation.
The Bollywood-Hollywood Initiative promotes the sustainable growth and convergence underway between the entertainment industries in both our countries.
Presented with a copy of the study, FICCI Secretary General, Dr. Amit Mitra, said: "This study shows that the best way to make the boom in the Indian entertainment bigger is to stop the affliction of piracy. For the average Indian who wants to increase his or her chances for being employed in Bollywood and associated industries, fighting piracy is a place where all our collective efforts must start."
Dr. Mitra went on to point out that the Media and Entertainment industry in India was 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."
Also present at the media briefing was Ramesh Sippy, famed producer and director of the all-time number-one blockbuster Sholay. Sippy said: "I know firsthand the importance of fighting piracy to support the growth of Bollywood. I commend the USIBC-FICCI Initiative for enlisting all elements of the entertainment industry against piracy."
Farokh T. Balsara, National Sector Leader, Media and Entertainment for Ernst & Young India, said: "Our Mumbai office collected data for this study from on the ground 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. We are pleased to stand shoulder to shoulder with counterparts in India to help protect jobs and revenues that are now being needlessly lost to piracy."
Also previewed at FICCI FRAMES as a part of the Bollywood-Hollywood Initiative was Illicit The Dark Trade a special documentary that airs world-wide, produced by National Geographic for the U.S. Chamber of Commerces Global Intellectual Property Center.
This made-for-television documentary shows that the problem of piracy is an epidemic affecting many sectors of world-wide dimensions.
The U.S.-India Business Council, formed in 1975 at the request of the Government of India and the U.S. Government to advance U.S.-India commercial ties, is hosted under the aegis of the U.S. Chamber of Commerce.
The U.S. Chamber of Commerce is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region. The U.S.-India Business Council celebrates its 33rd Anniversary at the U.S. Chamber of Commerce on June 12, 2008 in Washington, D.C. http://www.usibc.com
SOURCE: U.S.-India Business Council
CONTACT: Aditi Mody, +91-98105-82052, amody@uschamber.com,
or Nivy Mehra,
+91-99583-54455, nmehra@uschamber.com, both of the U.S.-India
Business Council
WEB SITE: http://www.usibc.com
COPYRIGHT © 2008 - ANTARANEWS
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