Media companies must put less emphasis on protecting digital content and instead find ways to make money from digital music and movies if they hope to beat back copyright pirates who threaten their businesses, according to a study released on Wednesday from KPMG.

The KPMG study said the responsibility for finding new digital business models lies with the boards of directors and not just with mid-level managers. With an estimated $8 billion to $10 billion in lost revenues annually, the issue should be a corporate governance matter.