There will be no apocalypse in the music industry. Copyright will remain.
The majors are the last man standing. They’re shaky, it’s true, but they’re a lot stronger than Napster, Aimster, Grokster, etc etc. Hundreds of internet companies have gotten into the ring and been knocked down. In the meantime the labels keep doing what they do.
There is still plenty of friction in accessing hit songs. Anybody with a DIY project can access anything, but no commercial vendor can directly help them. For the convenience and service that only commercial sources can provide, the sources must negotiate licenses (like Spotify), work within the DMCA non-interactive guidelines (like Pandora), or offer technology rather than content (like the MP3 Tunes music locker).
You can argue that copyright is fucked up. But that is an overly literal understanding. Copyright is how government regulation is implemented. Government will regulate the arts one way or another. It is currently doing it with a fiction of property rights on expressions. The fiction is managed and executed by the courts and from time to time tweaked by legislators. No court will invalidate copyright. The contrary: courts implement copyright.
If you have a problem with copyright, you’re fighting an imaginary enemy. Copyright is not an entity. Your problem is a human to human conflict like any other.
Regulations related to expressive works are a tangled mess of kudzu, no doubt. But the problem is not that regulation exists, it is that a lot of money is riding on the regulation. Copyright is the right to hire a lawyer.