“[P]Unjust practices related to illegal streaming services and file sharing cost the U.S. economy approximately $30 billion in lost revenue and 250,000 jobs annually. ” report Far-left Bloomberg.
This estimate comes from the U.S. Chamber of Commerce's Global Innovation Policy Center. “The global impact is approximately $71 billion annually,” the report adds.
“Since playing Netflix at its own game, old Hollywood has struggled to make money on streaming, with Disney+, Peacock, Paramount+ and others losing billions of dollars each year.”[.]Because of this, Wall Street lives with the fear that streaming services will never match the massive revenue generated by cable TV. And that's because they don't.
“But the streaming era has been a boon for some unintended winners,” Bloomberg noted. Mainly “Pirates who use software to rip movies and TV shows from legitimate online video platforms in seconds and then host the titles on their own”[.]These “illegal services… earn approximately $2 billion annually from advertising and subscription fees.”
Because these pirate sites don't incur the costs of producing the movies and TV shows they stream to their subscribers, the Motion Picture Association of America (MPA) believes their profit margins can be as high as 90%.
According to the MPA, there are approximately 130 illegal streaming sites that earn between $5 and $10 a month from each of their 2 million subscribers.
“Some of these pirated websites receive more daily visits than some of the top 10 legitimate sites,” MPA general counsel Karin Temple told Bloomberg. “It really shows how prolific they are.”
Within two years from 2022, cumulative losses will increase to $113 billion.
This article gives some of the 2 million illegal subscribers the benefit of the doubt. Pirated sites are sophisticated enough to appear legitimate, so you may not realize that they are illegal. Still, there is a full court legal press to stop this. Millions of unvetted illegal aliens flooding across the border? Hollywood doesn't matter.But don't you have the courage not to pay the full price? Squid game.
Listen, I'm not interested in piracy. Can you imagine what would happen if the Breitbart guy did something illegal and got caught? Even if I didn't have any public profile, I probably wouldn't drink. Technology related stuff fascinates me. I'm older so I don't want to complicate my life with anything that could cause problems. Then there's the fact that they're stealing.
But I understand the urge. The people creating this content hate us. Who would want to fund it? Hollywood also lives off of our tax dollars along with corporate benefits, so what do we get for that money? I was insulted and overcharged.
As a former streaming subscriber, I get it too…that you're constantly fooled by how deeply politically offensive the streaming content is and how you're constantly being attacked for who you are. I feel it. I'm tired. No one wants to feel cheated.
Another attraction of these pirated sites is that you can find all the good stuff in one place. Instead of subscribing to five streaming outlets to watch all your favorite content, you only need to subscribe to one and it's all done there.
The bottom line of all this is that Hollywood is in deep, deep trouble. Affirmative action in cable and satellite TV, which funds dozens of channels that tens of millions of dummies will never watch, is coming to an end.
Streaming is performance-based. We have to be willing to pay for content, but unlike cable TV (where you have to pay for everything), you don't have to pay even if the content is terrible.
I have no doubt that some of these people are pirating out of malice because they hate Hollywood.
In the words of comedian Chris Rock, I'm not saying it's okay to pirate movies and TV, but I understand that.
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