The record companies swear that it's making a serious inroad on sales, and they can prove it. How? By showing that their sales are way down in the past few years.
It couldn't possibly be because (a) most of us have already replaced all our old vinyl and cassettes, so all that windfall money is no longer flowing in, or (b) because the record companies have made some really lousy decisions as they tried to guess what we consumers would want to buy.
It couldn't possibly be that they've targeted all their marketing at precisely the market segment -- high school and college students -- who are most likely to be sharing MP3s over the internet.
Maybe if they started marketing more music that people my age would enjoy, they'd find that, lo and behold, there are customers who prefer to buy music the legal way!