He counted 90% of the p2p traffic as pirated **AA content. From step2: $366M X 90% = $329M.
said by swhx72 :
Discount for likely counting of all p2p as "piracy". Let's say 10% of traffic the **AA counts is actually indie bands, Linux distros, other authorized content. $366M x 0.9 = $329M.
