[tonecluster]

I agree, though as an aside I think this takes the conversation in a new direction. Ad-supported FM radio probably did more to encourage, or at least aculturate, people to treat the internet like just another radio station than anything else.

The big difference was that music on FM radio enticed people also to go buy the vinyl LP (at $12 (or so) a pop in 1977 money. Ouch.).

So (taking us in yet another direction), the problem is one of technology: once downloads replaced vinyl and CDs, the only thing left is merch and other branded items, which sell far fewer units relative to the LP or CD of yesteryear.

The labels blew it on technology (they went from shellacs to 45s to LPs to CDs and stopped there).