I came across this interesting piece on exploding the big music myth at P2Pnet.net. The author, Michael Giest, is a law professor at the University of Ottawa and he holds the research chair on Internet and e-commerce law. His spin is that there really has been minimal impact to the music industry from peer-to-peer music sharing. The losses are insignificant and the real impact to the music industry has been the growth of DVD sales and the crowding out of CD sales as a consequence.
There is no question that DVD sales have been hugely successful and that people are buying DVDs. After all, why buy a CD when it is so easy to pirate the material. Much tougher right now to pirate DVDs. Almost as tough as pushing a go kart around the track.