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Brad, the reality is that record companies are like network TV. They provide a large audience with material that is generally likes and appreciated by a wide audience. They don't typically run niche stuff, but they certainly do mainstream all well and good.
The cable industry came along, and now there are 400 channels pecking away at network viewership. But you rarely see people talking about the great show they watched on the Sailboat channel, but you can find many chat rooms about Grey's Anatomy or CSI.
However, record company versus artist distribution is only a sideline in the debate. If one person pays $1 for a song and then gives it away for free to everyone else, the band made $0. They will make money if people come to their concerts, but again, if someone stands there and records the concert on video and gives that away free online as well, ticket sales drop and the band makes less money.
At some point, unless the bands or musicians are making money at it, they won't turn out the music at the level they are currently turning it out. They will all be working as baggers at supermarkets or doing McJobs and putting out one song a year that immediately gets put on the torrents and no money is made. You take music from an industry and turn it into a hobby. Everyone from the musicians to the live show venue owners to the record companies to the music stores (online and B&M) all lose. Without income, the level and quality of the product drops until it is no longer a viable business model.
All of these things are nice. Without a viable business model, there is no business.
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