The latest Recording Industry Association of America (RIAA) tax filing shows that the revenue generated by the US record industry trade organistion has reached a new low.
Covering the fiscal year ending March 31, 2011, the figures show that in two years the RIAA's entire budget was almost cut by half.
The total revenue is $29.1 million, down from $51.35 million two years earlier. This drop is a direct result of the reduction in membership fees paid by music labels, from $49.76 million to $27.88 million in the same period.
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 $3 million went into the pockets of the top two executives.
The filing also shows that the RIAA spent $2.3 million on lobbying, a figure that has remained relatively stable over the years.
But the group’s legal fees dropped from $16.50 to $2.34 million in just two years - in part due to stopping their lawsuits against individual file-sharers.
The full 2010/2011 filing is available here.