This is a really good article from one of my favorite blogs.
In all cases, there’s more money performing than recording:
Sillerman established himself in live performance, and those stripes shined brightly during the keynote. “In all cases, there’s more money performing than recording,” he said, noting that future artists may create business models that focus on free recordings and paid performances. “Can’t you imagine a millennium-born artist giving away music for free, and selling performances?” Sillerman asked, while reiterating that pre-recorded music will not be a breadwinner moving forward. “The music business does not mean selling recorded music, it means selling music,” he said.