UK-based major label record company, EMI, is seeking to deal a big blow to the industry-funded Record Industry Association of America (RIAA), Reuters discovered yesterday.
According to an unnamed source, the label, company, which is home to such labels as Capitol and Virgin, is looking into "substantially" reducing its funding of trade groups, including, most notably, the RIAA and International Federation of the Phonographic Industry (IFPI).
The four majors--which include EMI, Sony BMG, Universal, and Warner--are believed to contribute some $132.1 million dollars a piece annually to groups like the RIAA, according to the IFPI.
The RIAA has been making headlines for the past several years, thanks to their aggressive anti-piracy actions, which have largely shed a negative light on the organization amongst the Web's music fans.
The move is likely an attempt to shake things up by EMI, in light of the company's purchase by private equity group, Terra Firma for $4.95 billion.
EMI and the RIAA were both unavailable for comment in the wake of the news.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment