Peer-to-peer software maker LimeWire's willingness to pay a whopping $105 million to settle music piracy claims marks a decisive, if somewhat symbolic, victory for the Recording Industry Association of America (RIAA).
LimeWire said on Thursday it will pay $105 million to settle claims by 13 recording companies that its P2P file sharing software was responsible for enabling billions, and potentially even trillions of dollars in damages.
The court ordered LimeWire to cease its file sharing operations last October. A jury was in the process of deciding an appropriate penalty when LimeWire made its settlement offer yesterday.
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A recent report by The NPD Group, a market researcher, shows that the percentage of people in the U.S. using a P2P file-sharing service to download music has fallen from 16% in the fourth quarter of 2007 to around 9% after LimeWire ceased file sharing operations last fall.
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