Here's a segment from the television show 20/20 from 1980 that sounds so eerily familiar. Take notice to the statement of Joe Smith, then the president of Elektra-Asylum records, a little ways into the video:
"Records, you don't have to buy to hear music. There's sensational equipment out there. There's great FM radio. There's enormous amounts of music out there, without having to buy a record. Counterfeiting, home-taping, and the failure of major artists to deliver records on some kind of regular basis."
Understand that this was before the creation of MTV and the CD, both of which eventually bailed the industry out.
The second half of the video is now being blocked due to a copyright claim from Universal Music. Speculation is that there's something in the report that Universal finds very embarrassing. We'll just have to wait until someone else posts it again.
Regardless, it's well done and interesting to look at everything from a historical perspective.
Check out my Big Picture blog for discussion on common music, engineering and production tips and tricks.