Can music piracy affect the growth of the music industry?

Yes, music piracy significantly hampers the growth of the music industry. When a substantial portion of music consumption happens through illegal channels, it reduces legitimate sales and licensing opportunities. This loss in revenue affects not only artists but also labels, producers, sound engineers, and many behind-the-scenes professionals. Investment in new talent and innovation also takes a hit, slowing down industry progress. Moreover, piracy creates an unfair ecosystem where legitimate businesses struggle to compete with free, unauthorized sources. By deterring piracy, the industry can channel more resources into talent development and high-quality content creation.