Not surprising. (In case you’re wondering, above is an unflattering picture of Carey Sherman, CEO of the RIAA.) Full story at TorrentFreak:

The total revenue in the latest filing is $29.1 million, down from $51.35 million two years earlier. This drop in revenue is a direct result of the dwindling membership dues paid by music labels, from $49.76 million to $27.88 million in the same period.

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