When asked to estimate the damage they incurred in their suit against file-sharing service Limewire, the major record labels claimed they lost between $400 billion to $75 trillion to piracy in the 10 years of its existence.
To be honest, I’m not sure if WMG or Universals lawyers are that good at mathematics, as this is more than the GDP of the entire world, which was $59.62 trillion when last calculated in 2008, likely even more today. In 2010 the world-wide revenue from recorded music was $35.1 billion, and the US portion of that was $12.6 billion, according to eMarketer Global Music.
Even over 10 years at a generous 20% loss, it still only adds up to $25 billion.
If not even the most corporate companies in the music business can calculate and oversee their numbers, but come up with such ridiculous statements, this definitely qualifies their business as dead.