This is very interesting reading about the bloated music industry, written by Peter Tschmuck (link paper - pdf):
"This paper analyses the music majors’ claim for creativity by providing a tentative definition of the term “creativity” derived from economic, psychological, and sociological findings about the creative environment. Further, by utilizing a descriptive-empirical analysis, the processes and structures of the music industry are examined in detail in order to investigate whether the music industry’s highly integrated oligopolistic market structures provide a fertile ground for creativity and innovation. Based on empirical results, finally, this paper argues that the music industry’s current oligopolistic structures do indeed not foster creativity but, in contrast, restrain and even strangle the creative processes of artists."
4 years later the author Peter Tschmuck wrote about this issue in his academic doctorate, called "Creativity and innovation in the music industry".