515 Million Counterfeit Ring

My question is what is the 500 Million based on. Is it full price, or the actual selling price?

£515 million designer counterfeiting ring unearthed - Telegraph

The valuations can get ridiculous on pirated goods, such as musi. 24 songs got a $1.5 Million fine!
Dangerous music pirate finally brought to justice after sharing 24 songs on Kazaa- AV Club