According to the Financial Times, Vivendi's CEO is "predicting a return to growth in the industry as new ways of making money from legal digital downloading come to fruition". I can't imagine he would tell anyone otherwise, of course :) Still, this contrasts with the utter despair that has been commonplace in the music industry in the last few years.
Universal Music is the industry leader and they ARE innovating left and right. Should their efforts become tangible soon, they would certainly convince the rest of the music industry to follow and fully embrace the digital transformation.
Losers do face oblivion, "the skull on a pikestaff as a warning to others about how not to deal with the internet”.