Doesn't the recording industry realize they're trying to hang on to what's become an obsolete business model

I was thinking the same thing yesterday. That the model the music industry is following is obsolete. Why pay for a whole CD when I only like a couple of them and I can't share and copy them anyways. There was this interesting article that I read based on research done at the MIT management school. They propose that the recording industry should use p2p sharing like a media similar to the radio. Very interesting findings.