Last week The Recording Industry vs. The People blog uncovered financial documents that showed the RIAA - the trade group that represents the music industry - spent around $16 million in legal fees on a handful of cases in 2008 to recover $391,000 USD from P2P lawsuits. Ouch.
This week the Denver Westword blog highlights the industry's proclivity for wasting cash with ten tongue-in-cheek (mostly) examples. Among their examples are Sony-BMG's DRM on the Neil Diamond album "12 Songs," and Jive Records' $1.5 million investment in hip-hop artist Papoose who was supposed to give them enough tracks for an album (it never happened).
Want more? How about these: MCA Records' $2 million investment in the late 80's glam rockers Pretty Boy Floyd, Def Jam's $3 million dollar two-record deal with NAS that fell flat, the debacle that is the Beach Boys' "Smile" album, Wilco's Yankee Hotel Foxtrot and Reprise Records' horror at how bad it was, and the $13 million spent on Guns n' Roses' "Chinese Democracy."