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, ...