The report, which investigated piracy and counterfeiting of products, explained that although there were other cases of global piracy and counterfeiting in other sectors, but that the rate at which digitally pirated products are rising is alarming.
THISDAY had last month reported that businesses worldwide were losing in excess of $550bn (N88 trillion) annually due to general counterfeiting and piracy.
The recent report, which traced the trends in global digitally pirated products since 2008, showed that economic losses accrued to it have risen sharply from $30bn in 2008 to $100bn in 2014 and it is estimated to reach $240bn by the end of 2015, going by its current rate.
According to the report, losses to internationally traded counterfeit and pirated products globally rose from $285bn in 2008 to $770bn in 2014, and estimated that the losses would reach $960 billion by 2015.
The report also said that global losses to domestically produced and consumed counterfeit and pirated products rose from $140 billion in 2008 to $370bn in 2014 and it is estimated to rise to $570bn by 2015.
The report called on governments of various countries of the world as well as global brands to act fast before the situation goes out of hand. The report estimated that losses to illicit trade, counterfeiting and piracy globally, would reach $1.7 trillion by 2015, and called for immediate solution to address such huge economic losses.
The report findings suggested that digital piracy has grown substantively over the last decade to the point where it now accounts for between 6.5% to 12% of the total value of counterfeit and pirated products globally. The report specifically listed some sectors like music, movies, and applications software, as the sectors that are worst hit by digital piracy.
It explained that digital piracy may continue to thrive repeatedly over the next decade, as internet access grows from country to country, if not controlled.
In Nigeria, digitally pirated products are also on the increase, resulting in financial losses by Microsoft Nigeria, which is worst hit, and the Nigerian government through tax evasion.
Worried by the increasing rate of digital piracy, Hewlett Packard (HP), a well-known brand in laptop and desktop computers, including printers and cartridges, said it would stop at nothing in ensuring that the unwholesome practices are completely stamped out of Nigeria and other countries of the world, where it has operational presence.
District Manager, English Africa, Printing & Personal Systems of HP, Jean-Paul Pinto, told THISDAY in Abuja during a one day anti-counterfeiting conference organised by HP, that piracy has put many brand names out of businesses.
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