Music had a great chance to monetize in a new model and it failed miserably, missed the boat as it were. It's slowly building its way back up with models like Spotify and rdio, but these still pay out pennies to artists. The time to monetize was at the very beginning of the Napster movement when private p2p products like Oink were being taken down en masse. Had the music industry collectively bought one of the platforms like Oink, which had the single greatest digital library of music with the highest overall sound quality ever assembled, larger than the Library of Congress, iTunes, Amazon, Google Play, Spotify, Bandcamp, and Soundcloud combined, I think they could have retained the infrastructure and distribution methods, changed the presentation layer and the entry methods, and turned it into a booming, profitable enterprise. Record labels could still distribute and promote content like they already do, except instead of 100 retailers with variable sound quality, libraries, distribution deals, etc., it could have been centralized in a very real monetized way.
Of course it's not that simple. There is no homogeneous, collective "music industry." The internet economy thusly dictated that unbundling was best for everyone involved, that more consumers and more producers must mean more retailers. But now you're seeing other industries trying to copy the Netflix/Spotify model, like Oyster (for books). There is still a way forward for rebundling this material in a smart way with the tech we have. I just don't know if the industries are flexible enough to make it happen.
And then there's people who are still trying to fight the gatekeepers that barely exist anymore.