Here's an article I'm not supposed to post.
They could recover their losses in short order, if they weren't tied to the past and capable of adapting to an inevitable future.
Their very greed has been their undoing. By wasting energy trying to control an uncontrollable market, they've allowed upstart competition to steal the money right out of their pockets. They should have adapted, and adapted quickly. They should have seen this all coming, and acted accordingly.
I DON'T CARE WHO I GET MY MUSIC FROM!!! All I care about is price, bitrate, and absence of DRM.
If Warner or Sony or any other company would put their catalog online in high-quality, DRM-free form at a truly competitive price, I'd drop a grand a year on music with them. (Oh, and $1 per song isn't competitive, by the way.)
What the hell are they waiting for?