RIAA’s tax report showed that their revenues dramatically dropped in the past two years. Why? Here’s the explanation. The music trade group which represents America’s recording industry has presented the tax filing to the Internal Revenue Service (or IRS). It covered the fiscal year ending with March 31, 2011. The massive decline occurred in the past two years as RIAA’s revenues were cut in half, more or less. According to the filing, the total revenue was of $29.1 million, down from $51.35 million two years ago

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RIAA’s Pockets Grew Thin As Music Labels Grew Tired