Jorgen Larsen, CEO of Universal Music International, may just be one of those who gets it — he writes cogently as to how the music industry should be facing the new environment of the web:

...[T]he internet also represents the greatest silver lining in our 100-year history, once legitimate delivery systems can make all the music in the world available to internet-connected consumers. That era is just around the corner, as exemplified by the recent European launches of Apple's iTunes, Napster (the legitimate version), and T-Mobile's EarPhones. Typical of these offerings is that they belong to technology and telephone companies and there is no cross-ownership by music companies.
This is how it should be, because the music industry makes music, and the rest is distribution. Criticism that we slept through the internet revolution is misplaced, because we are not in the IT, technology, cable or phone businesses. Our only core business is to build the strongest possible artist rosters and make incredibly good recordings that people want to buy and own in whichever form suits them the best.
The internet represents the greatest growth opportunity I have ever experienced, and I would expect the legitimate online music market to grow to (your guess!) thereby possibly leading to a doubling of the total music market, physical and online combined, over the next five years.

A shocking idea, I know. Let the people who excel at distribution handle distribution, and let those who excel at creating content focus on making good music. That's just crazy enough to work.

Thanks to Coolfer Glenn for the tip.