Record official blames piracy for industry's woes in Pirate Bay testimony

John Kennedy, the head of the International Federation of the Phonographic Industry, told the Stockholm District Court that Swedish site The Pirate Bay had become "the No. 1 source of illegal music", following court actions against two other popular file-sharing sites, Grokster and Kazaa.

"Over a period of time, piracy has done immense damage to the music industry," Kennedy said, adding that illegal Internet downloads had caused industry sales to tumble from US$27 billion in 2001 to $18 billion in 2008.

Read the full article here.