India’s Piracy Economy Hits Record High of Rs 224 Billion in 2023, According to EY-IAMAI Report

Piracy has been a long-standing issue in India, with the country’s entertainment industry being one of the most affected. In recent years, the rise of digital platforms has only exacerbated the problem, leading to a significant loss of revenue for the industry. According to the latest EY-IAMAI report, India’s piracy economy has hit a staggering Rs 224 billion in 2023, highlighting the urgent need for stricter measures to combat this growing menace.

The report, titled “Piracy in India: The Growing Menace,” sheds light on the alarming state of piracy in the country. It reveals that out of the total amount, Rs 137 billion came from pirated content in theatres, while Rs 87 billion was generated from pirated content on OTT platforms. This is a significant increase from the previous year, where the piracy economy was estimated at Rs 196 billion.

One of the most concerning findings of the report is that streaming accounted for the largest share of pirated content at 63%, followed by mobile apps and torrents. This highlights the need for stricter regulations and enforcement of anti-piracy laws, especially in the digital space.

The report also highlights that a staggering 51% of Indian media consumers access pirated sources for their entertainment needs. This not only affects the revenue of the industry but also has a negative impact on the growth and development of the sector. It is a cause of concern for all stakeholders, including producers, distributors, and content creators.

The rise of digital platforms has made it easier for pirates to distribute and monetize pirated content. With the increasing availability of high-speed internet and affordable smartphones, the consumption of pirated content has become more widespread. This has resulted in a significant loss of revenue for the industry, hindering its growth and potential.

The report also sheds light on the impact of piracy on the job market. It estimates that the piracy economy has resulted in a loss of over 60,000 jobs in the media and entertainment industry. This not only affects the livelihoods of those directly employed in the sector but also has a ripple effect on other related industries.

The EY-IAMAI report also highlights the need for a multi-pronged approach to tackle piracy effectively. It suggests that a combination of stricter laws, enforcement, and awareness campaigns can help combat this growing menace. The report also emphasizes the need for collaboration between all stakeholders, including the government, industry bodies, and consumers, to address this issue.

The Indian government has taken several steps to curb piracy, including the introduction of the Cinematograph (Amendment) Bill, 2019, which aims to impose stricter penalties for piracy. However, there is still a long way to go in terms of implementation and enforcement of these laws.

The report also highlights the need for consumer education and awareness. Many consumers are not aware of the negative impact of piracy on the industry and the economy as a whole. Therefore, it is crucial to educate them about the consequences of accessing pirated content and encourage them to consume content through legal and legitimate sources.

The EY-IAMAI report also suggests that the industry needs to adopt innovative and cost-effective strategies to make legal content more accessible and affordable for consumers. This will not only help in reducing piracy but also attract more consumers towards legal sources of entertainment.

In conclusion, the EY-IAMAI report paints a grim picture of the state of piracy in India. The staggering numbers highlight the urgent need for stricter measures to combat this growing menace. It is high time for all stakeholders to come together and take concrete steps to protect the interests of the industry and the economy. With the right approach and collaboration, we can create a piracy-free environment that will benefit everyone involved. Let us all join hands to fight against piracy and support the growth and development of the Indian media and entertainment industry.