India's burgeoning entertainment industry loses as much as $ 4 billion and 800,000 direct jobs each year due to counterfeiting and piracy, a latest study says.
The study -- The effects of counterfeiting and piracy on India's entertainment industry -- was prepared by Ernst & Young India.
It was released recently during the India super-session at the National Association of Broadcasters Show in Las Vegas, Nevada, organised by US India Business Council (USIBC).
It was commissioned as part of the USIBC-FICCI Bollywood-HollywoodInitiative, which promotes the sustainable growth and convergence underway between the entertainment industries of the US and India.
Leading the session, India media and entertainment national sector leader Farokh T Balsara said, "The Indian entertainment industry is growing at a combined annual rate of over 18per cent and companies at the NAB show have shown enormous interest in collaborating with India".
Theinitiative has raised expectations that the very real concerns over counterfeiting and piracy will be addressed, leading directly to additional jobs and revenue generation.