Even if the 93%-95% piracy rate is accurate to the number of players versus those who bought it, that absolutely does not equate 93%-95% loss of sales.
The fact is, there is no way of knowing how many sales are lost to piracy, because it's an impossible number to get. There are a few kinds of people who pirate.
A) Someone who wants to play everything, but doesn't want to pay for any of it. If this person HAD to buy the games, they'd play a small fraction of the games they do now. For them, it's easy to play something then drop it, whereas someone who paid money dollars will want to get more for their buck, and put more hours into each game.
B) The poor guy. Sometimes this person would be inclined to earn more money if they had to buy their games, but sometimes they simply can't. The people who can't or won't make enough money to consume their game requirement is not a lost customer.
C) The vigilante. This guy just hates DRM! GRRRRRRRR!!! I'm so mad, I'm gonna steal your game! (He's usually A or B, pretending to be C)
Anyway, my point is the number of people pirating versus the number of lost sales are extremely different numbers.
A lousy businessman sees all the potential dollars he's losing. A good businessman sees only the real dollars he's losing.
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