This just in from the CMJ newsletter:

“British label EMI, which was recently purchased by a private equity fund, is considering a significant cut to the amount of money it provides the trade groups, including the Recording Industry Association Of America (RIAA) and the International Federation Of The Phonographic Industry (IFPI), according to a report by Reuters. Each of the four major record conglomerates contributes $132.3 million to fund these groups and is it is expected that this option is one possible scenario that could occur due to difficult budget choices, following a consistent and continuous drop in revenue. In the past, the RIAA has admitted that their legal campaign against music piracy has been financially detrimental, but they would not officially comment on this move. Others, like BAGeL Radio station director Ted Leibowitz, has publicly admitted that the RIAA’s campaign has been a “financial disaster” and an “even greater public relations disaster.”

$132.3 Million dollars each from the four majors! That’s $529.2 million dollars a year. And, in case you were under the impression that the money the RIAA gets for taking people to court was going to the artists it claims to be protecting - the truth is that the money goes to pay for legal fees. So, $529 million a year, plus legal fees, goes to support the company that The Consumerist rated the worst company in America. EMI is doing the right thing. Let’s hope the other labels follow suit.