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Global record industry trade body IFPI is tightening its financial belt to retain members after the new owners of the EMI Group threatened to pull out over its fees.

The Intl. Federation of the Phonographic Industry announced Monday that, after frank discussions, it has agreed a cost-cutting plan to accommodate EMI and some of the other 1,400-plus record labels that were reportedly concerned about fees, given the worldwide downturn in record sales.EMI wanted to cut its funding to IFPI as part of its own drive to reduce costs under private equity owners Terra Filma, which bought it last year.

IFPI chairman/CEO John Kennedy said, "I am delighted that EMI has decided to continue working with IFPI. It is extremely valuable for us to have their support in trying to address the many different challenges the recording industry is facing and addressing."

In a statement, EMI Music Intl. president Jean-Francois Cecillon said, "We undertook to work with our colleagues in the other major labels and with John Kennedy on a cost-saving plan for the IFPI, and together we have been able to find solutions that we believe are achievable while maintaining what the IFPI does best in representing our industry."