As the major labels slide towards the exit, times are getting tougher for their cartel organisation. TorrentFreak has looked at the RIAA's finances:
In its most recent filing the RIAA lists 72 people on the payroll compared to 117 two years earlier. In total these employees earned $12.7 million of which nearly 25% went into the pockets of the top two executives.They're still doing nicely; and the cash paid to lobbyists is still high - USD2.3million spunked away on trying to distort the legislative process.
The top earner in the year ending March 2011 was Mitch Bainwol (CEO) with $1.75 million a year with a working week of 50 hours. Current CEO Cary Sherman (then President) came in second with $1.37 million.
Other high income employees were Neil Turkewitz (EVP International), Steve Marks (General Counsel) and Mitch Glazier (Public Policy & Industry Relations) with $696,036, $675,528 and $599,661 respectively.
But the good times are coming to an end as the money dries up:
The total revenue in the latest filing is $29.1 million, down from $51.35 million two years earlier.Given the main business of the RIAA has been to stop piracy, and its success has been markedly poor, is it any wonder that the cash is draining away?