US recorded music trade body RIAA has published its latest tax filings revealing its revenue hit a record low in its last fiscal year due to a continuing decline in record label membership.

In the financial year ending March 31, 2013, total revenue reached $24.2 million - that's a down 50% compared to four years ago.

While most of its revenues are made up from membership fees, there is an amount of income from anti-piracy settlements. In 2012/2013, lawsuits paid ...