Elton John says that the internet is destroying music. I think that Elton John is destroying music and has been doing for a very long time!
If anything, the internet may destroy the record labels - not music. Imagine a world where albums were free or such a low cost that they may as well be, how would artists make money? Through concerts and live performances. They would make more money because more people would be exposed to their music through the web and therefore they would gain more fans, which leads to more sellout gigs, which leads to more gigs. Everybody benefits in this model except the record labels.
So stick that up your