This paper therefore in a well researched and thoughtful manner explores these questions. Karaganis in his book “Media Piracy in Emerging Economies” refers to piracy as an “international plague” and “nirvana for criminals” relating it to a global pricing disaster. In this respect the author contends that the media piracy has taken root in major economies world over as a result of high prices related to media products, and a corresponding low incomes at the disposal of many emerging economies and a further availability of cheap digital media. Thus piracy is viewed from the consumption economic point of view. Thus the vice places numerous costs of producers and distributors at both regional and international levels. Why has media piracy increased in the recent years? Karajanis argues that the high growth witnessed in media piracy when traced from the 1990s has been attributed to lack of copyright laws world over and where they exist there has been reluctance on the part of law enforcement agencies to implement the full spirit of the law. In effect, piracy has contributed to disruption of market equilibrium thus providing loopholes for innovations in emerging economies that outdo the technologies which are again correspondingly cheaper when compared to the original creations. At the same, several factors including pricing strategies used by multinationals, trade agreements, and diffusion of technology bear a significant relevance as factors that continue to contribute to the rising effects of piracy. Understanding the meaning of Piracy There seems to be a universal agreement that “Piracy” does not have a stable and legal definition, and in most circumstances, it is understood as a product of legal enforcement rather than its true implication. On one hand, the IFPI contends that the term implies an omnipresent practice of copying that falls outside the provisions of copyright law “up to 95% of it, if industry estimates of online music piracy are taken as an indicator”. However, in its simplest definition, piracy is understood as the illegal copying and distribution of any media in print, DVDs, videos or electronic files. Damaging Effects of Piracy Sean Jungels in his report “Piracy and the Movie Industry: Change your business model now or end up like the music industry” argues that the surge associated with movie industry is seen through its imperviousness to the constant campaigns that discourage it. The MPAA (Motion Picture Association of America) conducted research and found out Hollywood looses billions of dollars a year on illegally sold copies of movies. Even now, the industry can’t accurately tell a certain number because of how many countless movies have been downloaded off the internet. At the same time, irregardless of the Recording Industry Association of America’s (RIAA) approaches towards controlling piracy, the vice has only continued to turn the music industry on a reverse scale. In more recent times, the effects of piracy have caught up with the television industry, leading to reduced advertising incomes, and dropping rates as more consumers prefer downloading their favorite films on the internet rather than watching on TV, in turn, the television network in a bid to stay relevant have opted to pick
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