The future of the music industry remains uncertain, despite the success of Apple's iTunes Music Store.
Music-industry insiders are more optimistic right now than they have been for some time, The Economist reports, but face pressure to force them to change their business model.
"iTunes has won customers in far greater numbers than once seemed possible," the report explains, but warns that despite consumer acceptance of digital music services, peer-to-peer file sharing will take $4.7 billion in lost revenues.
"Paying 99 cents for a song on iTunes, says one British teen, is unappealing because at that price she may as well buy the CD in a shop. Nor do the new services yet come close to matching the libraries of nearly all music ever recorded that the peer-to-peers boast," The Economist writes.
Recording artist Moby says the industry is going to have to reduce its prices and move toward a new business model, that will be more-favourable to the artists.
In related news, the Recording Industry Association of America filed an additional 80 lawsuits against individual file sharers last night.