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The Recording Industry Association of America has dropped 50% in profit over the last two years.
According to reports from Prefix Magazine, the Recording Industry of America has dropped 50% in profits over the last two years. The R.I.A.A. is known as the anti-piracy giants who have often resorted to despicable tactics to shut down torrent sites and users. Needless to say many people on the internet are going to be glad to hear that R.I.A.A.’s profit dropped from 51.35 million to 29.1 million.
The reason for the decline is because many major record labels are consolidating and cutting budgets for intellectual property theft. Recently the R.I.A.A. stopped it’s fight against individual file sharers and started focusing on shutting down bigger sites like Megaupload.
While their profits have dropped R.I.A.A. executives are still making big dollars. Reportedly CEO Cary Sherman made 1.37 million last year while executive vice president Mitch Bainwol made 1.75 million.