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Nathanson expects industrywide piracy losses to decline to 2% of sales, or $20 million, in 0 years, as the percentage of secure CDs on the market increases. 'The industry has been and con- tinues to be slow in bringing both encrypted CDs and digital music to market, while online piracy expands rapidly,' Nathanson stated in a recent note to investors. Meanwhile, he has reduced his 200 price target for EMI by 58 pence (89 cents) per share to account for piracy risks. music sales, or $985 million, will be lost to Web piracy. Nathanson projects that, should usage of Napster and Napster -esque programs go unchecked, by 2002 as much as 6% of all U.S. Bernstein & Co., is now figuring revenue losses from consumer use of services like Napster into his models for industrywide performance, as well as for the company EME lnapster S ANALYSIS he tracks, EMI Group.

In answer to a delegate's question about how the Internet provides new ways for artists to access music fans worldwide, Asian pop superstar Jacky Cheung declared, 'It's not (Continued on page 00) Sanford C.

But one leading music analyst, Michael Nathanson of Asian Confab Eyes Digital Future BY STEVE McCLURE and ADAM WHITE HONG KONG -The technological, commercial, and ethical issues swirling around music's future on the Internet dominated the third annual MTV /Billboard Asian Music Conference (AMC) June 2 in Hong Kong, but a mid -event assembly of four of Asia's most popular artists cut through the complexities in clear, I = ASIAN' compelling terms -and struck a hugely popular chord with the audience of 00-plus indus- try professionals. Thus far, popular sentiment in investment circles is to leave the piracy question alone until more concrete evidence emerges. 5 w o- N w z THE INTERNATIONAL SWEEKLY OF MUSIC, VIDEO, AND HOME ENTERTAINMENT JAnalysts Grapple With Napster Wall Street Weighs Piracy's Impact On Music Companies BY BRIAN GARRITY YORK -The rise of Napster and its clones, which allow for networks of Internet users to swap unencrypted music files without paying for them, has sparked a debate among music analysts on Wall Street over just how to account for piracy in future financial projections of the media companies that own the copyrights.

Grand rapids pierce the veil concert intersection