Gee, things are turning out exactly as was predicted in the early days of indie internet music sites.
Back in the late nineties the RIAA spent many times as much money desperately trying to shut down indie music store MP3.com as was spent going after actual copyright violations on napster.
The reason was that the recording industry business model was predicated on a cost wall that was no longer there. When Sun Records recorded Carl Perkins, Elvis Presley, and Johnny Cash their Memphis studio cost between three and five millions to build depending on which source you look up. In the late nineties indie artist Bassic built a similarly capable studio for thirteen thousand.
Publishing and video are a little further back but following the same track.
Also a huge number of radio stations have gone with talk or sports formats in the past twenty years. I imagine their ASCAP royalty payments have plummeted as well.