Allowing Piracy As A Potential Business Opportunity. Online

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Allowing Piracy as a Potential Business Opportunity Online piracy is commonly referred to as a threat to businesses in the creative industries. The WTO Agreement on Trade-related Aspects of Intellectual Property Rights (a.k.a. “the TRIPS” agreement) defines piracy as: pirated copyright goods shall mean any goods which are copies made without the consent of the right holder or person duly authorised by the right holder in the country of production and which are made directly or indirectly from an article where the making of that copy would have constituted an infringement of a copyright or a related right under the law of the country of importation ().
A study conducted by Ipsos and Oxford Economics concluded that consumer
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Streaming services such as Netflix and Hulu have taken this question and formed an answer that meets the satisfaction of their subscribers. Driven by anti-piracy innovation, by adopting the concept of online piracy downloads and streaming, services such as Netflix and Hulu allow various movies and television shows to be accessible across platforms such as mobile phones, laptops, computers, and televisions (). In an interview with Spanish newspaper, El Mundo, Netflix CEO Reed Hastings states “Well, you can call it a problem, but the truth is that [piracy] has also created a public used to viewing content on the Internet,” (). With piracy shifting viewers from television to the Internet, Netflix jumped on the opportunity to offer a streaming service, creating a legal version of piracy.
Moreover, with these streaming services being so successful, studies have shown that piracy has dropped by 29% in 2015 for the Australian film industry (). Hastings sees Netflix as a solution to piracy by saying:
We offer a simpler and immediate alternative to finding a torrent. In Holland, we had a similar situation. It was a country with a high rate of piracy. And the same thing happened in Canada. In both we are a successful service. We can think of this as the bottled water business. Tap water can be drunk and is free, but there is

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