The incumbents had spent decades building the perfect business model. Anyone who wanted their art to reach the world had to go through specialized agencies, who acted as gatekeepers, producers and distributors.

Then, thanks to the digital revolution, barriers to entry were rapidly dismantled. An entire new industry sprang to life. A grassroots Indy movement refused to give up control of their art and reached their intended audience directly. Existing companies fought the revolution at first, explaining how only they could guarantee quality. But consumers ignored them. Profits plummeted. Companies merged, until only a handful of Goliaths remained.

New models, based on digital distribution and low prices, emerged from the ashes. Artists can now record and distribute a song – for this is the music industry we’re talking about – without signing to a major label. Independent labels have proliferated, and they are taking on the artists passed over by major labels. Hit songs are…