The British recording industry has lost hundreds of millions to illegal downloading in the past two years. “The British Phonographic Industry said record labels lost £376m last year – up nearly £100m on the £278m they lost the year before – in the music business’s first attempt to quantify the financial cost of illegal downloads. A two-year study by research group TNS showed that music fans would have spent £1.5bn on recorded music between 2002-2004, but because of downloads spent only £858m.”