24/7 Wall Street has published a report claiming that the cost of iPhone piracy has been $450 million so far. The report claims piracy rates of paid iPhone apps are around the 75% mark – three illegal downloads for every legitimate purchase – which based on estimates that 510 million of the three billion App Store downloads were paid apps, means 1.53 billion illegal downloads, which at an average price of $3 per download would mean $4.59 billion – but if only 10% of those pirates would have paid, means $450 million of lost revenues.

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