Save the violin for somebody else. According to just-released tax filings from the RIAA, major label dues have dropped 44 percent in just two years, for obvious reasons. And, given considerable lags in IRS tax filings for non-profits, the drop-off is probably far worse in 2012. Yet the filings reveal that two RIAA executives are still taking home more than a million dollars each, and a dozen are pulling six-figure salaries north of $300,000.
In fact, the paperwork also lists a handful of executives receiving plum $600,000-$700,000 salaries. And, there seem to be only modest efforts to downsize: in total, 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.
This is an organization that seems determined to plunder its own village, despite obviously urgent financial problems. During the period, the largest payouts belonged to the now-departed Mitch Bainwol, who collected $1.75 million for the period; and Cary Sherman, who banked $1.4 million.
Those might be reasonable salaries at a healthy corporation, but are extremely questionable for a troubled recording industry trade group - even one with considerable lobbying needs. On that note, Sherman has been tightening the belt: during the previous year, his take-home swelled past $3 million, a figure RIAA staffers downplayed based on accounting explanations. Now, we know with certainty that Sherman is one of the fattest executives in this business.
The contribution cliff is quite considerable, and comes against considerable pressure to reduce dues to groups like the RIAA, BPI, and IFPI. In filings just two years earlier, RIAA membership dues were listed at $49.8 million. That figure now stands at $27.9 million, as of March, 2011. The trajectory suggests heavy renegotiations with the big four-turning-three, and far lower figures in the current period.
On that note, we're not sure why there's such a significant delay in these IRS postings. The latest filed paperwork covers the tax year ending March, 2011, and unsurprisingly, the trade group opted to file on a Friday.
count slowly Friday, August 17, 2012
i wonder how the rest of the $s are used. probably using the $ to contribute to politicians.
Me Friday, August 17, 2012
The rest of the $ was donated to the FBI to fund the raid and arrrest of Kim Dotcom.
Steven Dale Koontz Saturday, August 18, 2012
The problem is clearly on both sides and who is in the middle ? To be fair it's not all in the music business. The entire corporate world is consciously and actively shifting the burden of unrealistic payments & executive compensation onto the shoulders of the weakest and least responsible.
Central Scrutinizer Sunday, August 19, 2012
It will take a few business cycles but the fat will be trimmed.
The recording and distribution business is not known for their quick adjustments to adverse conditions.
@jenmusicmaven Monday, August 20, 2012
Is this why citizens pay enormous file-sharing fees?
Brian, Monday, August 20, 2012
They will not make it in time.
Our government has abdicated its responsibility to American businesses and industries by letting them be destroyed by piracy from all over the globe. Google/youtube's bot use policy is extortion in the light that not using it results in illegal activity. They control the income of the record business by their policy without being a record label or investing in the recording funds of bands trying to compete in what was a stable established legal market before their disruption and destruction.
Versus Tuesday, August 21, 2012
I wish the RIAA all the success. They are attempting to do what the government is failing to do: protecting the livelihoods of workers and the private property in the form of the creations of musicians.
Visitor Tuesday, August 21, 2012
Sons of bitches like you should die. I wish you the worst.
- an actual artist, you cocksucker
Mr Artist Saturday, August 25, 2012
There's not to many good artist around anymore. So take your bag pipes and stick them were the sun don't shine! lol