LOS ANGELES (Hypebot) – The RIAA represents over 1,600 U.S. record labels that collectively create and distribute about 90% of recorded music sold in the United States. It's largest and most influential of the members are the "Big Three" – Universal, Sony and Warner Music.
Continuing a multi-year trend of staff cuts, The Recording Industry Association Of America (RIAA) has cut staff while still rewarding its top executives.
In the fiscal year ending March 31st, the headcount at the RIAA dropped from 58 in the year before to 55. That continues a downward trend from a peak of 117 staffers just 5 years ago, according to new fiscal filings.
At the same time, the trade group has continued to reward its top executives handsomely. CEO Cary Sherman earned $1.6 million last year, including a half million in bonuses and other compensation. Senior EVP Mitch Glazier, General Council Steve Marks and EVP of International Neil Turkewitz earned $776,616, $728,959 and $657,952 respectively, including more than $250,000 in bonuses. The RIAA's top execs account for 25% of total payroll.