Feb 19, 2007 • 1 min read

LA body says city losing $5.2 billion to piracy

A Los Angeles report estimates piracy costs local companies $5.2 billion a year, prompting a new inter-governmental anti-counterfeit task force.

The Los Angeles Economic Development Corporation has estimated that global piracy (online and physical) is costing companies based in the US city $5.2 billion a year, and that that means that LA missed out on a potential $438 million in tax revenues in 2005. Needless to say, the city's many movie and music businesses were hardest hit.

In response to their research report, city officials have announced the launch of an Inter-Governmental Anti-Counterfeit Task Force which will include representatives from the police, government, courts and the businesses most affected by piracy. The body will aim to put together policy recommendations and to identify resources that are needed to combat the sale of counterfeited goods.

Obviously the causes of most of the city's piracy problems lie outside of the LA authority's jurisdiction, and in the main outside of the US's jurisdiction, so presumably that body will take on a lobbying role both at an American and global level, while also investigating ways LA businesses can better protect their intellectual property.

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