This article I found off of hypebot.com graphs out music industry revenue in London over the last few years since 2004. What is shocking is that in the state the music industry is in, artists are actually seeing an increase in profitability. Revenue from both live performance and recordings has gone up dramatically in the last five years. Not surprisingly the labels profits have diminished pretty rapidly, but as the last year shows it looks as if it is leveling off. Hopefully this is a sign that labels will be able to continue to stay afloat and that artists will finally be better compensated as a whole for their work.
The article can be found here: http://www.hypebot.com/hypebot/2009/11/as-music-industry-struggles-artist-income-grows.html