Piracy is actually lower now on the list of how people get music for free. Number 1 is YouTube. Ad supported streaming and radio are also up there.

Piracy has been falling as a primary mover of free music for quite a while now.

The shifting of the market to branding and merch has been going on as long as I've been in the industry. I was a big part of it at Warner for a while, in our direct-to-fan initiatives.

The problem is where money in these companies is invested. They need to be technology oriented entities, but don't want to be. Apple cleaned the clock on that, and they let them.