Magazine article Screen International

Online Film Piracy Costs Industry $3.3Bn

Magazine article Screen International

Online Film Piracy Costs Industry $3.3Bn

Article excerpt

The Korean Film Council (KOFIC) has published a report which estimates the online film piracy market to be $3.3bn (KW3.75 trillion won) a year.

The governmental organization also estimates that the benefit of turning this illegal business legitimate would expand the legal online market by at least $468.5m (KW530bn).

KOFIC analyzed the state of online film piracy from February to April 2013, tracking an average of 2,322 films a month illegally circulated on 93 "webhards" (online storage and sharing sites). The tracking estimates the online pirated film market to come to $61.9m (KW70bn) a month and $742.7m (KW840bn) a year.

Factoring in the actual number of films in distribution and the reality of foreign sites such as YouTube and Baidu, KOFIC puts the entire illegal distribution market at $3. …

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