In Asian countries like India, Pakistan and Bangladesh there’s a market called “Chor Bazaar” which in essence refers to a market wherein you get to see many a condemned vehicle and part available that can jolly well fit into your Rolls Royce. Surprised? Yes, you better be if you have heard about it for the first time in life. It’s basically a grey market wherein all theft items are sold in pieces. Likewise you get to see the existence of grey market everywhere in every country – be it advanced or otherwise and onus to mention it is we who make the wheel spin for this market.

How? We visit these markets directly or preferably through our agents for availing spare parts at damn cheap prices. Truly amazing!!! The fortune of such grey markets will be spinning throughout the world as long as we don’t correct ourselves consciously. Music piracy is a small pie of the grey market even though it is estimated to be responsible for colossal losses in billions of dollars to the music industry all over the globe.

What is music piracy?

By definition piracy, most relevant to our topic of discussion, refers to the act of plagiarism. When we say music piracy it connotes a whole lot of meanings encompassing plagiarism with regard to the music tunes as well as unauthorized selling of CDs or DVDs in the market thereby depriving the legal owners of their royalties. It is one of the oldest yet robust rogue trades that run into billions of dollars all over the world.

Music Piracy – the rogue trade:

Like all other trade of pirated items music piracy trade is too lucrative and flourishing specifically in the developing and the third world countries. This menace doesn’t stop there; rather sneaks into the every nook and corner of the advanced countries as well.

The spurt in such activities can however be found since the early days of the year 2000 and despite of all stringent measures the curb on this menace hasn’t been praiseworthy so far though there’s been a slow churn out in it gradually. The study conducted in UK by Ofcom supports this view with the estimated de-growth of the grey market to 10% approximately in the last one year in UK alone. The most interesting observation in this survey was that despite of slowdown in piracy by 10% music sales in 2013 fell by 6.1% over the 2011 figures.

Still there are many miles to go before we can expect to put a real break on this burgeoning trade of piracy that calls for a general consensus along with cohesive efforts for not encouraging the grey market activity any more by any means for sure.