The paper "Economic Benefits of Online Music Piracy" is an outstanding example of music coursework. Music piracy especially peers to peer, P2P, file sharing by retailers and consumer in the market place has proved to be of greater economic benefit to the music industry. P2P file-sharing has positive effects on the general revenue collected by artists and other music stakeholders. Sharing of P2P music files is very healthy to the economy of the music industry because not all those who access unlicensed products would buy legitimate music products if there were no music files to pirate.
The same group of who do not buy licensed music end up marketing the music in many ways. This essay analyses the economic dynamics of online music piracy. It analyses the consumers and sellers of digital music and how they are affected by rampant piracy and access to illegal music files. Keywords: Economic benefits, revenue, P2P and music files Introduction Online music technology is changing the face of the music industry in the world. With the advancement of ICT, music fans can access music files at the touch of a button.
Online access music has not only made it easier for consumers of music to access the music files easily but also opened a global market for music artists. ICT also gives the opportunity to consumers who do not have resources to acquire the music files, though it is a legal means, they end up getting the files anyway. The piracies in the music industry can as well provide a number of opportunities that can increase profitability to producers in the music industry. In the music market, there are two groups of people; the ones who by online products that are licensed and those who download and share products that are not licensed illegally.
Such products are said to be pirated. There are many interesting reasons that influence people’ s choices for online music files. One of the major reasons why people choose to download the unlicensed product from the web is their inability to pay for licensed music. This sound in the ears of many people as if it is unfair to the producers, however a deeper analysis of this shows that despite the consumers not paying for the product, the producers will still benefit from the download file, (Business Software Alliance (BSA) and IDC. .
First Annual BSA and IDC Global Software Piracy Study; 2004). With the emergence of the internet, people download unlicensed music from the internet through the World Wide Web, (www). Studies by Tsao, (2012) show that more than 90% of downloaded music files are not licensed. According to a projection made by Allman, (2007), more people tend to join the army of music pirates with time. This results in a constant rise of pirating; this rise does not show any possibility of going down anytime soon.
Most people who would otherwise be the consumers of online products choose to pirate. For this reason, music producers should learn to live with piracy and increase their benefits from the same rather than fight it because it is almost impossible.
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