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"radio play drastically increases record sales..."

True, but the new techology changes the paradigm. In the past only professional pirates could afford the machinery to make thousands of copies. Now anyone can in effect create an infinite number of copies, and access to those copies has become far easier.
And to be hard-nosed, the social attitude about being entitled to "free" entertainment has changed, and not for the ethically better.

The internet is rapidly making the process of selling intellectual goods -- music, movies, books, etc. -- per unit obsolete.
I suspect that some variant of a patronage system is going to return for the arts. Either through the traditional largesse of the rich or the state, or through a more "democratic" vehicle such as a continuing subscription series.

Musicans are most likely to continue to enjoy the fruits of their creativity -- at least those who engage in live performances. As for the other artists, the issue of financial viability is more in doubt (of course for the vast majority of them, viability has always been a lottery style day-dream). Ironically, publishing companies may survive simply because of the demand for professional marketing, but their profits from distribution may be something the old-timers will tell nostalgic stories about.
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