Value of Music on P2P

This report values the music traded on P2P networks in the US at $69 billion. This seems high to me, but the value of music consumed is several times greater than recorded music sales.

Michael Arrington at TechCrunch believes that this statistic proves that the industry should give away the music and earn their money off 360 degree contracts. He is wrong.

The only way to capture this value is to sell the time spent listening to recorded music.