Tax filings show that the Recording Industry Association of America’s budget has nearly halved in two years.

Forgive us for the schadenfreude, but the RIAA, the US record industry trade organization that went after file-sharers with a vengeance, is having serious financial difficulties. Due to reductions in fees paid by member labels, the group’s revenue feel from $51.35 million to $29.1 million in just two years.

While the group’s lobbying has remained stable, legal fees have dropped from $16.50 million to $2.34 million in the same period of time, as the group stopped suing individual file-sharers. Apparently their legal strategy wasn’t doing them any favors in court.

[via Musicweek]