Jonathan Band and Jonathan Gerafi
In March 2014, the International Federation of the Phonographic Industry (IFPI) announced that global industry revenues declined 3.9 percent in 2013. IFPI claims that “digital piracy is the biggest single threat to the development of the licensed music sector and to investment in artists.” Notwithstanding these dire pronouncements, the record labels remain profitable and the music industry as a whole is thriving.
