If there is one thing that RIAA is famous for, it is suing people. Unfortunately for RIAA, their sue-happy policy doesn’t seem to be paying off. The Recording Industry vs. The People blog has uncovered that RIAA managed to recover only $391,000, after spending more than $16,000,000 in 2008 on litigations.
The statistics look even more dismal if you consider the three year period between 2006 and 2008. During this period RIAA spent more than $64 million and managed to recover only $1.3 million.
It’s ironic how a trust whose primary purpose is to look after the interest of artists is wasting money on litigations. The only ones benefiting from RIAA’s actions are the law firms. RIAA paid Holmes Roberts & Owen more than $9.3 million, Jenner & Block more than $7 million and Cravath Swain & Moore $1.25 million.
Well done RIAA!