Smaller and newer bands will earn less, because record companies will only be able to promote lesser-known bands by using some of the proceeds from their major artists. But there will be more new music to choose from, and more people will get their music heard. I do think that record companies will survive, but they will have to be much leaner; and in business, small is beautiful. Those smaller companies will have to discover genuine talent, which is the reason that many people who are passionate about music choose careers in the industry. And with all that energy and zeal to draw on, there's no telling what some entrepreneurs will achieve next.
(Adapted from "Business Stripped Bare," by Sir Richard Branson.)
Richard Branson is the founder of the Virgin Group and companies such as Virgin Atlantic, Virgin America, Virgin Mobile and Virgin Active. He maintains a blog at www.virgin.com /richard-branson/blog. You can follow him on Twitter at twitter.com/richardbranson. Questions from readers will be answered in future columns. Please send them toRichardBranson@nytimes.com. Please include your name, country, e-mail address and the name of the Web site or publication where you read the column.