[MichaelGG]

Considering people buy for convenience or to support the artist, I'd say a small label benefits more from piracy. The big labels with extensive marketing are going to gain less fans from piracy. While I might torrent a well-known group to try it out, chances are I'm already acquainted.

Whereas with a small group, pirating a torrent of stuff might be a way I actually discover an artist. I know I've downloaded big "mix" torrents, come across some stuff I like, then went to Amazon and bought all the downloads they had for that artist. Without the piracy, I'd have never found them.

On top of that, I think (perhaps incorrectly), that when you buy from a small label, you're promoting more good than buying from the big labels that will use my money to campaign for things I'm against. I know I have a few artists I like, but I'm not going to give money to folks that push for less due process.

Of course, actual data is hard to come by: it's not like you can accurately track torrent downloads/disk swaps and compare conversion rates.

[snowwrestler]

I would encourage you to try talking to people who actually own and operate small and midsize labels. The effect of piracy is clearly visible in their sales charts; but based on the cultural treatment of it, they consider it a cost of maintaining good relations with their fans.

Their fans are hurting them, but since they like their fans, they struggle to find a way to make up the difference somehow.

Piracy is a good way for new bands to get discovered, but that benefit fades over time. When you have a devoted fan base and you're trying to sell your 5th album, having most of them download it for free offers no benefit to the artist or label.

[Evbn]

How is it clearly visible? And why are you talking about labels, not artists?