According to a new study by the Los Angeles Economic Development Corporation(LAEDC), the city of Los Angeles has lost $483 million in tax revenues just in one year, 2005, derived from the $5.2 billion dollar loss from LA companies, as a result of piracy hurting the music industry. Obviously downsized profits from the industry have indirectly downsized the city tax obtained from these industry profits. One can only imagine that the downsized tax flow is a result of the entertainment industry lessened profits and consolidations. “(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.” Which businesses haven’t experienced some sort of loss of revenue, jobs and wages? Its difficult to donate sympathy, because an industry this innovative will surely find a means of recouping losses in the future.With all due respect, piracy is indeed abomination to the Los Angeles Entertainment Industry and the Los Angeles Economic Development Corporation, but how can the industry follow this business model for so long? It was only a matter of time until a technological development would come along and revolutionize the way music, movies and such were obtained and profited from.
Los Angeles loses millions tax dollars yearly throughout many business and development endeavors but it also profits from thousands of others.
Maybe the “Inter-Governmental Anti-Counterfeit Task Force” shouldn’t start putting on their leotards and good-guy capes on yet. Why put millions of dollars in a new Super Task Force when the Los Angeles Police Department’s been doing the same job all along? Remember Santee Alley and the million-dollar counterfeit handbag industry? We already have the exact same system in place in Los Angeles, why make a new one for the Entertainment Industry?
The article can be viewed at:
http://www.billboard.biz/bbbiz/content_display/industry/e3id6f82030275ca4402900cf3779263599
Los Angeles loses millions tax dollars yearly throughout many business and development endeavors but it also profits from thousands of others.
Maybe the “Inter-Governmental Anti-Counterfeit Task Force” shouldn’t start putting on their leotards and good-guy capes on yet. Why put millions of dollars in a new Super Task Force when the Los Angeles Police Department’s been doing the same job all along? Remember Santee Alley and the million-dollar counterfeit handbag industry? We already have the exact same system in place in Los Angeles, why make a new one for the Entertainment Industry?
The article can be viewed at:
http://www.billboard.biz/bbbiz/content_display/industry/e3id6f82030275ca4402900cf3779263599
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