The Big Picture has a post with the absolute best single sentence describing the music industry. Here it is, complete with it's original links:
We have an industry that is afraid of technology, its senior spokespeople lie to congress, they use Enron-like accounting, they somehow --WHOOPS! -- forget to pay their artists, they are convicted price fixers, at the first sign of any kind of an economic rebound their instinct is to raise prices, they have ignored competitive pressures from other forms of entertainment such as DVDs, they ignore the devastatingly negative effects of radio ownership consolidation to their business model, they engage in all kinds of anti-competitive protectionism, they are unconcerned with the quality of their product, their customers are harried for time and distracted by other interests, their customers see nothing wrong with downloading music for free, some of their biggest stars are hoping the Internet will replace the labels, despite all too many signs that their product is over priced, they refuse to allow market forces to set competitive prices, they have consistently been one of the most mismanaged businesses in history, oh, and they somehow think they are immune from the business cycle.
Seriously, what the hell is wrong with this industry?