While Y2Mate was facing legal issues earlier this year, the music industry has its eyes set on other music ripping sites. In fact, audio-ripping site Convert2MP3 has been confirmed to be shutting down. One of the most used stream-ripping sites in the world is closing its doors following a lawsuit and lengthy legal battle. As a result of a global settlement with IFPI and their related record companies, Convert2MP3 had no other choice but giving in.
Legal Issues With Audio Ripping Convert2MP3
The Germany-based site had over 684 million regular visitors a month. Unfortunately, this isn’t the first time the audio ripping site has faced legal issues, but certainly does seem like the last.
- Legal action was brought in Germany against Convert2MP3 for violating record label copyrights
- Reaching a settlement, the agreement included financial compensation for all the record labels
- The arrangement is requiring shutdown of the domain and any affiliating sites
- The IFPI (International Federation of the Phonographic Industry) who led the fight, is partnering with over 56 countries. Promoting interests of the international music industry, they tackle music pirating, stream manipulation, and many other issues
Frances Moore, Chief Executive of IFPI and representing the music industry on an international scale, said in a statement:
“Stream ripping is a threat to the entire music ecosystem. Sites such as Convert2MP3 show complete disregard for the rights of artists and record companies and take money away from those creating and investing in music. The successful outcome of this case sends a clear signal to other stream ripping sites that they should stop their copyright infringing activities or face legal action.”
With this in mind, Convert2MP3 isn’t the only stream ripping site that has been shut down for audio ripping. The RIAA (Recording Industry Association of America) and the US government are in full force in taking down sites just like this.
The Cost of Sound Recording Piracy
Piracy in the US and abroad is costing the sound recording industry billions. In particular, there are many alarming findings in the 2019 Piracy Impact report from the RIAA. In effect, much of these statistics are causing financial loses in the industry. Some key findings from the report include:
- The U.S economy is losing $12.5 billion annually to music theft
- Sound recording piracy is leading to a loss of over 70,000 job in the U.S. economy
- Piracy is contributing to $2.7 billion in losses of earnings for the sound recording industry and downstream retail industries
- Music theft is creating a minimum loss of $422 million in tax revenues in the U.S.
Assembling the report was the Institute for Policy Innovation (IPI), and can be accessed here.
To sum up, music pirating and stream ripping isn’t going anywhere soon. The IFPI estimates that forty per cent of internet users are accessing unlicensed music content. Sites like Convert2MP3 being shut down is helping the battle, but the war on piracy continues to move forward.