"....facing challenges from falling CD sales and piracy."
Thus every BBC newscast this morning regarding the big EMI meeting.
"Piracy" is not the word they mean. Piracy is the selling of counterfeit goods. It happens to music but only the same way as it happens to everything. It faces every consumer-facing brand from Gucci to Coca Cola.
What EMI, and every other record company face more immediately, is copying, largely done by amateurs and not for profit.