According to recent research and studies done at The London School of Economics and Political Science, there is strong evidence that file-sharing is actually helping the music industry. The scholars behind this project have created a report in the hope of urging the UK Government to review its policy regarding copyright, taking into account not only the views of music industry lobbyists but looking objectively at the facts and figures.
Says one of the scholars, Bart Cammaerts, of the findings: “Contrary to the industry claims, the music industry is not in terminal decline, but still holding ground and showing healthy profits. Revenues from digital sales, subscription services, streaming and live performances compensate for the decline in revenues from the sale of CDs or records.”
Despite the fact that there has been a steep decline in revenue generated from purchasing recorded music, overall music industry revenue is still increasing, based on a steady rise in revenue from publishing and the internet, and a steeper increase in revenue from live music events.
In regards to streaming services like SoundCloud and YouTube, the report reminds readers that said services have been hugely successful, and are used by the creative industries for promotional purposes. Research also demonstrates that file-sharers spend more money on entertainment compared to those who do not. So, next time you hear someone saying the music industry is dying, point them in the direction of this report, and for now, we can all feel a little less bad about downloading that new Drake album.