Let's put things into perspective. What the media companies do is sell entertainment to people. Entertainment. They don't save lives and the economy does not depend on them, as there are many other sources of entertainment a consumer can choose instead that are available independently.

The worst case (and extremely unlikely) scenario is that no-one pays for online media, and everybody just share and download music from the Internet. Would that be a bad scenario? No, the world will go on. Without people making money off selling media, but nevertheless.