A new survey of U.K. youth ages 14-24 found that 80% who use peer-to-peer networks to download music would pay for a legal file-sharing service. Conducted by the University of Hertfordshire on behalf of British Music Rights, which represents U.K. songwriters and music publishers, the survey asked 773 young people about their music consumption behavior, and found that 90% own an MP3 player.

The average player contains 1,770 tracks -- half of which have not been paid for.

Sixty-three percent said they used file-sharing networks, while 58% have copied music from a friend's hard drive to their own, and 95% copy music in some way.

Despite the downloading, over 60% said they would continue to buy CDs even if a legal file-sharing service existed -- and overall, respondents said the amount of money they spend on live music (60%) exceeds that spent on recorded music (40%).

"The music industry should draw great optimism from this groundbreaking survey," said British Music Rights CEO Feargal Sharkey. "First and foremost, it is quite clear that this young and tech-savvy demographic is as crazy about and engaged with music as any previous generation. Contrary to popular belief, they are also prepared to pay for it too. But only if offered the services they want."