The recording industry was slapped in the face when they submitted their lawsuit against LimeWire based on Section 504©(1) of the Copyright Act allowing for damages based on every single infraction. Using some mathematics, they determined they’ve been wrongfully denied about $75 trillion dollars due to P2P downloading. The New York judge found the claim incredulous and commented, “As defendants note, plaintiffs are suggesting an award that is ‘more money than the entire music recording industry has made since Edison’s invention of the phonograph in 1877.’”
Beyond that, studies continue to show downloading has contributed very little to the collapse of the recording industry. The UK based study references other sources to decline such as downward economic pressure curtailing leisure spending along with an industry that is failing to capitalize on what consumers actually want. Overall, however, P2P downloading is at an all-time low which further suggests its not the leading cause of today’s revenue depression.