Shrinkage is not failure. I know plenty of pro music biz people.
I meant "as we know it". There are large parts that did not survive, such as this one, and music videos for example.
I see what you mean, but I think maybe "disruption" or "upheaval" is a better way to characterize the changes than "failure". Also, music videos are still made and widely watched on YouTube - again disruption rather than failure.
Yep, it was just a sub-optimal word choice, a bit too strong.