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P2P Sites have costed the Music Industry $69 billion in 2007 alone, according to findings by MultiMedia Intelligence Research. Rick Sizemore of MultiMedia Intelligence has went on to say that:

A $69 billion figure is staggering to contemplate, but it effectively illustrates the impact of piracy on the music industry. It is important to note that piracy has expanded well beyond music. Content owners of TV episodes and full length movies are seeing a growing impact. This is precisely why efforts from groups like the DCIA and those related to digital fingerprinting (e.g. MySpace and MTV) are vital to foster a ’safe’ environment - one conducive to growth and maturation. With an ever burgeoning flow of content over the digital pipes, the need for efficient distribution becomes all the more vital and we would be remiss to think of P2P exclusively as a tool for pirates.

If that is not enough the number of unlicensed full length movies “shared” will grow almost 4 times from 2007 to 2012. More headaches for the Music Industry in times to come.