With The Recording Industry In Free Fall, Why Are RIAA Bosses Getting Raises?

from the rewarding-failure dept

It's difficult to think of a more disastrous strategy pioneered for the recording industry than the one cooked up by RIAA bosses Mitch Bainwol and Cary Sherman. The two were the "masterminds" behind the plan to sue fans directly, which has been an uncontested disaster that did absolutely nothing to help the bottom line of the record labels. If anything, the evidence suggests that the lawsuit strategy has only galvanized folks to look for alternatives beyond spending money on RIAA labels. The RIAA finally dropped the lawsuit strategy, which was deemed a money pit by a recording industry exec and almost resulted in EMI leaving the RIAA. After all of that, the RIAA itself had massive layoffs.

Given all of that, you might think that Bainwol and Sherman should be looking for new jobs. Instead, apparently, they've been given hefty raises. P2Pnet notes that Bainwol in 2008 made over $2 million dollars -- an increase from the $1.485 million he made in 2007. Sherman made $1.332 million, noticeably more than the $985k he made a year earlier. While I don't have any issue with the absolute amounts, I do question why these guys are getting raises while presiding over what will clearly be looked back on as one of the biggest blunders by an industry in decades. On top of that, I can see how some might question how the RIAA can claim to represent "starving artists" when its execs are doing so well. Apparently, the answer to not being a starving artist is to go become boss of the RIAA.
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Filed Under: cary sherman, mitch bainwol, salaries
Companies: riaa

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