RIAA Engages in Fearmongering Against Bitcoin
November 1st, 2013
The Recording Industry Association of America is wildly out of touch with its own consumer base. Recent advances in digital technology have benefited the music industry, as 2012 saw the sector reporting its first increase in sales since 1999. Rather than embracing new technology and looking for new ways to increase revenues, the RIAA has focused its efforts on hamstringing technological innovation, whether through its support of unpopular internet-ruining bills like SOPA or its opposition to all peer-to-peer software.
Now, Russia Today is reporting that the RIAA has issued a warning against Bitcoin and Litecoin, alleging that the digital currencies somehow contribute to copyright violations. With music industry revenues on the rise as technology now allows artists to promote themselves to fans more efficiently online, shouldn’t it be recommending instead that its artists and labels begin accepting Bitcoin in exchange for digital downloads, concert tickets, and merchandise? The RIAA continues to focus its energy on undoing useful innovations, rather than capitalizing on them.
Vague Connections to The Pirate Bay Cited
The RIAA’s statement against Bitcoin was included alongside a list of websites that it is asking the US and UK governments to ban. The Pirate Bay was included in the list, and the RIAA cited vague connections between the file sharing site and Bitcoin as an example of the dangers of digital currencies. Since The Pirate Bay accepts donations via Bitcoin, the out-of-touch trade association argued that digital currencies promote piracy.
The RIAA’s statement, written by Executive Vice President Neil Turkewitz, casts further implications by referring to Bitcoin’s peer-to-peer nature, “In April 2013, [The Pirate Bay] started accepting donations from the public by Bitcoin, a digital currency, which operates using peer-to-peer technology. There is no central authority or banks involved which makes it very difficult to seize or trade Bitcoin funds. In May 2013, the site also started accepting Litecoin, another peer-to-peer based internet currency.”
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RIAA Should Capitalize on Bitcoin
While it may be difficult for governments to “seize” bitcoins, it’s not difficult for the record industry to get its metaphorical hands on them. Artists can have bitcoins too, if they simply offer products and services in exchange for them. Consumers benefit from a robust selection of payment options.
Peer-to-peer technology is here and has been here for years. It’s not going anywhere. Pandora’s Box has been opened. It’s time for the RIAA to get with the times and embrace new technological innovations that have the capacity to increase the profitability of the recording industry. Its current efforts aren’t helping anyone. Suing music fans and websites benefits two or three of the top artists at the biggest labels at the expense of the entire industry at large. If the music industry seeks more revenue, it shouldn’t be discouraging people from using a new digital currency. Instead, it should be helping artists learn how to accept bitcoins in exchange for merch, music, and concert tickets.
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