I've got to call foul on this one. Internet, even peer to peer file sharing, didn't destroy the record industry. The record industry destroyed the record industry with its own greed and refusal to adapt to the marketplace.
There are record labels in Europe that have utilized the internet, viral marketing, and even peer to peer file sharing to grow and they are getting higher profit margins in those areas than traditional big label record companies, and they're giving away their music!
So, let's see, the big record labels say that they are losing billions because people are downloading (pirating) their music for free. However, more progressive record labels are letting the fans download their music for free and are making money. Interesting. They may not let them download all of their music for free, but they are using it with a large portion of their music as a marketing and distribution tool.