Music piracy has cost India $390 million in the last three years, according to V.J. Lazarus, prexy of the Indian Music Industry.
“The market has shrunk in value terms by 38%,” he said. “The bulk of the loss is due to illegal manufacturing of cassettes along with other factors like economic recession, few major hits, falling rates of music cassettes and CDs.”
The industry has asked for stricter measures in law and enforcement against offenders and special attention to Internet piracy.
According to IMI figures, nearly 1.5 million cassettes are sold each month, while 40,000 are illegally manufactured and sold by pirates.