Jump completely and head-on into paid streaming services. Oh sure, they have contracts with these services, but its really not profitable for either party with the current contracts that have. PARTICULARLY for tha artists -- they're making fractions of a tenth of a cent for each streamed track.
The music industry needs to do several things:
- Pour more effort into streaming services or invest in their own streaming platforms
- Restructure their legal efforts to focus much less on violation on copyright and, more specifically, violations that the PRO's handle. PRO's are basically industry-sanctioned debt collection agencies, they're a fucking sham.
- Stop signing 360 deals with artists. It's profitable for the companies in the short run, but it fucks the talent and makes them want to sign elsewhere after a year or two. It's not beneficial at all.
The album is dead and has been since the late 90s/early 2000s. Album sales mean jack shit. The sooner they realize that, the sooner they can make an effort to stabilize their dying industry. There's a reason I got out music business relatively quickly once I moved to Nashville.