As we noted last week when the music industry released an annual report detailing its continued decline in revenue, "piracy" seems to be the go-to scapegoat, the reason that the music industry is struggling. And one of the sites that the industry often points to (and in its recent report, lauded governments for trying to quash) as a major culprit of piracy is The Pirate Bay.

So rumors that The Pirate Bay is launching a music project may strike fear - or at least disconcertment - in the hearts of industry execs. It's apt, perhaps, that a new project - fear.themusicbay.org - is supposedly in the works.

According to a report this weekend at Torrent Freak, folks at the Pirate Bay have registered the Music Bay domain and "the major record labels have good reason to be afraid, very afraid." The site no longer displays the "comming soon" [sic] announcement, but Torrent Bay says that something is in the works in the next few months.

Torrent Freak wasn't able to secure more details about the project, other than it's set to coincide with an April anniversary of the International Federation of the Phonographic Industry (IFPI).

Even if it's just an MP3 file that jumps out of a large birthday cake at the IFPI's celebration - or, a bit more likely, just a nice domain name, news that The Pirate Bay is plotting something may be enough to make the industry worry, particularly having just released details that the industry's overall worth has declined a downward spiral.