Serious questions are being asked by the artists and their representatives regarding the missing millions that have seemingly disappeared into the recording industries famous accounting blackhole.
http://torrentfreak.com/riaa-keeps-settlement-money-080228/When EMI, Universal Music and Warner music reached settlement agreements with the likes of Napster, KaZaA and Bolt, they collected hundreds of millions of dollars in compensation - money that was supposed to go to artists whose rights had been allegedly infringed upon when the networks were operating with unlicensed music.
Now, according to an article, the managers of some major artists are getting very impatient, as it appears the very people who were supposed to be compensated - the artists - haven’t received anything from the massive settlements. They say the cash - estimated to be as much as $400m - hasn’t filtered through to their clients and understandably they’re getting very impatient.
A recording industry on the back foot having spent most of its time fighting the digital revolution rather than becoming part of it, is clearly trying to hang on to every penny, even when it comes to compensating the artists who they claim they were defending by taking legal action in the first place.
To be honest folks this is the same old story, the recording industry rob artist and consumer alike and drag their feet to pay those bringing in the revenue for them, their famous accounting practices are frequently questioned and often dubious in legality, but being able to pay for so many lawyers has its benefits eh folks
