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Montoro-Pons and Cuadrado-García (2006) | |
Title: | Digital goods and the effects of copying: an empirical study of the music market |
Author(s): | Montoro-Pons, J. D., Cuadrado-García, M. |
Year: | 2006 |
Citation: | Montoro-Pons, Juan D., and Manuel Cuadrado-García. "Digital goods and the effects of copying: an empirical study of the music market." 14th International Conference on Cultural Economics, Vienna. 2006. |
Link(s): | , Open Access |
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Cross Country Study?: | No |
Comparative Study?: | No |
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Abstract
Digital goods, streams of information stored in bits with economic value, have transformed the way many economic agents interact in markets and specially those in the cultural sector. The non-rival nature of its consumption has had a significant impact in different industries, specially the music industry: record labels have witnessed in the last decade a proliferation of the means to circumvent copyright in protected materials. This paper aims at assessing the impact of piracy on legal demand. Unlike previous studies we address the issue from a wider perspective, considering both physical and online piracy. Our findings show that there is a substitution effect between copies and originals, and that there is no significant positive effect of piracy on legal demand, which rules out the possibility of network effects or sampling effects much discussed in the literature on piracy. Moreover we find that lost sales amount to a 131% of the legal market on the average, even though there is a wide variation between countries.