RIAA Revenue Plummets

RIAA REVENUE DOWN: The RIAA’s latest financial report shows that major label dues have dropped 44% in just two years. Two years ago, membership dues were listed at $49.8 million, and, as of March 2011, that number is down to $27.9 million, and set to drop even lower after the UMG-EMI merger is approved by regulatory. The org’s filings reveal that two RIAA executives took home more than a million dollars each—ex-head Mitch Bainwol collected $1.75 million during the period and current chief Cary Sherman was paid $1.4 million—and a dozen are pulling down six-figure salaries north of $300,000. In all, the RIAA pays nearly $13 million in employee compensation, down from just over $16 million two years ago. Outside of that, the RIAA is still paying nearly $4 million for the services of outside, high-priced law firms like Jenner & Block, also according to the filings. Meanwhile, there is plenty of grumbling among the major labels that their dues aren't being well spent. Action to come. (8/20a)