U2's manager on the state of the music industry

‘The Online Bonanza: Who is making all the money and why aren’t they sharing it?’
U2's long-time manager, Paul McGuinness, gave a speech to the MIDEM's music industry conference in Cannes. While I'm normally pretty cynical when I hear people in the music industry talking about the sad state of affairs, I have a lot of respect for U2 and their manager.

It turns out that "free music" is not an idea that satisfies everyone. If you're curious about the future of music (or more specifically, the business of music), some of the answers might come from the ideas that Mr. McGuinness presents here.