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ExtraTorrent.cc > Articles > Why Is RIAA Losing Revenues?

Why Is RIAA Losing Revenues?

Why Is RIAA Losing Revenues?

Added: Thursday, August 23rd, 2012
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, 2010, www.extrattorrent.com
According to the RIAA’s tax report, the music trade group’s revenues dramatically dropped in the past couple years. Now the experts can disclose the reason for this downfall. The Recording Industry Association of America, the outfit that represents the US recording industry, has recently presented the tax filing to the Internal Revenue Service (IRS). The report covered the fiscal year ending with March 2011.

riaalogo.jpg


The massive downfall was noticed within the past 2 years with RIAA’s revenues being cut almost in half. The report revealed that the total revenue of the group was of $29 million, while two years ago it was $51 million. The huge drop was caused by the ever-diminishing membership dues paid by music recording companies – from $50 million to $28 million in the same period. The experts point out that the effects were also highlighted by the outfit’s cuts in personnel. At the moment, the RIAA is having 72 people on their payroll (compared with 117 two years ago), which totals in $13 million in pay checks, ¼ of which goes to executives’ pockets.

So, where does this money go? The tax filing revealed that Mitch Bainwol (Chief Executive Officer) gets $1.75 million annually, while Cary Sherman (the current CEO and former president of the outfit) earn only $1.37 million. Now you can understand why these guys are always crying about piracy. Aside from these two, Neil Turkewitz (EVP International), Steve Marks (General Counsel) and Mitch Glazier (Public Policy & Industry Relations) got $0.7 million, $0.67 million and $0.6 million respectively.

In the meantime, the tax filing indicated that the anti-piracy outfit spent $2.3 million on lobbying – this figure looks like the one that remains balanced over the years, while the group’s legal fees have dropped from $16.5 million to $2.34 million.


By:
SaM
August 23rd,2012

Posted by: 
SaM

Date:  Thursday, August 23rd, 2012



Comments (14) (please add your comment »)

1
posted by men (2012-08-24 01:17:12)
STEVENS8134033002 avatarRECORDING COMPANIES SHOULD SAVE THIER MONEY FOR PROMOTION & FIND A WAY TO GET BOTTLEGERS THIER MERCHANDISE WITH A KICK BACK TO THE RESPECTIVE RECORDING COMAPANIES.
FREE ENTERPRISE IS WHAT AMERICA STANDS FOR NOT MONOPOLY CONTROLLED ENTERTAINMENT INDUSTRIES!
MAKE ME C.E.O. OF YOUR COMPANY & I WILL GIVE NOTICE ANY PERSON CAN RETAIL SALE OUR MERCHANDISE AS LONG AS THEY PURCHASE BULK QUANTITY UP FRONT SORRY NO C.O.D.S!
IM A PIMP ITS IN MY BLOOD TO PUT EVERYONE TO WORK !!!!!!!!!!!!!

2
posted by (2012-08-24 01:45:45)
No avatarTired of companies which refuse to adapt to the evolving market. They should stop trying to earn money through the courts and instead do it through changing their approach.

Also... quality over quantity is usually better. Stop releasing crappy cd's every 9 months and instead work to release a great one every 2 or 3 years

3
posted by ET junkieET loverTurtle (2012-08-24 06:06:38)
fusseltier avatarand the music companies have no talent bands and acts and are only sampling or remaking other songs instead of getting quality performers and people that actually know how to play instruments and compose songs.

4
posted by (2012-08-24 12:40:55)
edddy avatari wonder if they have offshore account.

5
posted by Blocked (2012-08-24 13:36:46)
menahunie avatarThe RIAA and even the MPAA are not the movie or recording companies. They are an entity that is supposed to represent these movie companies. Just like the crooked unions where the Bosses reap millions in salaries and perks. The movie companies appear to be leaving this organization and doing things on their own so maybe that is why the revenue decline.. Or maybe they the movie companies have gotten tired of all their money being pissed away in BS law suits that are alienating fans..

6
posted by (2012-08-24 14:45:11)
ic3m4l3 avataryeh lo ther doing such a crap job no is bothered about paying ther fees!

7
posted by (2012-08-24 15:34:08)
No avatar"The huge drop was caused by the ever-diminishing membership dues paid by music recording companies" ok so since this is there own dam fault they blame it on something else.."piracy"....typical. now that there is proof in black and white that piracy has nothing to do with there profit losses they are crying about, if you do happen to get sued simply counter sue, and tack on harassment wile you are at it.

8
posted by Blocked (2012-08-25 00:01:55)
williebk avatarI'm glad they're losing money. 29 million still a lot. I'm
living off of $800 a month so I've no pity for the music industries. The only one buying music online is members of apple's itunes store. Most apple's fans are non-computer tech and amateurs.

9
posted by Blocked (2012-08-25 00:09:02)
williebk avatarBy the way, they don't make music like they use
to. 85% of the music today sucks. I wouldn't
want it even if it was for free.

10
posted by (2012-08-25 00:49:28)
No avatar"Now you can understand why these guys are always crying about piracy" sorry but Piracy has naff all to do with the fact the industry itself isnt willing to pay up for the RIAA services anymore.

11
posted by Blocked (2012-08-25 04:30:18)
No avatarwilliebk 97m%of the music today sucks

12
posted by Blocked (2012-08-25 04:32:44)
No avatarbut justin bieber is the best

13
posted by Blocked (2012-08-26 09:29:50)
williebk avatarI agree 97%, lol. Everything about getting a quick
buck, no real music these days. and Justin Bieber
even made the music industry worse. I guess if ur
a teen girl u probably like him (all about looks)

14
posted by (2012-08-27 02:22:46)
Brynn217 avatarUmm.. Mena... you need to research your term Crooked Unions... Union officials are voted by their membership to represent them.. I am a member of IBEW Local 24 in Baltimore... my BA (Business Agent =Big Boss) Makes 1.5x what I as a Journeyman Electrician make... In Baltimore, I make $34.60 an hr, so he makes $51.90 a week for 40hrs (they only pay themselves 40hrs a week even tho most weeks they work 60+) 51.90 x 40hrs = $2076 x 52 weeks = $107,952 a year.... Far cry from Millions and less than my own BA made at his previous State Job....

Bush also doubled the Accounting that most Unions have to provide now (in effect putting smaller Locals out of business because they couldnt afford to do it) It is extremely difficult to survive as a Union, let alone make Millions... Even New York and Jersey Locals do not.... Check out AFLCIO.org for more detailed info....



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