Good movies still generate hundreds of millions of dollars in profit, big selling artists still earn millions of dollars per year. If the product is quality it will make more than enough profit, even with the adverse effect of p2p etc.
However, they want to earn more, easier. Most of the people kicking up the biggest fuss are multi millionaires.
I see the term "freetards" being thrown around in this thread, but some of these people are "greedtards".
So, we have a batle of "freetards" vs "greedtards" with your average ISP/ISP user losing out.
What the music/movie industry needs to do is look at the bit torrent mode of getting content to the masses and emulate this for greater success.
If i was able to purchase a dvd quality copy of a movie on dvd release day for $5-$10 i would do so for movies i want to watch, without a hesitation. The companies are probably not losing out due to lack of packaging, time spent on distribution etc.
If the music/movie companies offer blazing fast downloads for a reasonable profit that is legal its win for all.
Consumers-high quality product for a reasonable price
Creators-Royalties and profit margins remain intact
ISPs-not put on the spot re legality of downloads.