RIAA Chief Says the Music Industry Has 5 Reasons for Optimism

Now that the RIAA is tiring of suing individual filesharers, its head Mitch Bainwol needs a new soapbox to stand on. Apparently he's decided that what's needed is a record label cheerleader to cut through all the doom and gloom indicated by the sales numbers. To kick off his campaign, he released an essay “5 Reasons for Optimism in the Music Industry". The 5 reasons behind Bainwol's optimism include:

1. Our product, music, remains as popular as ever.
2. Long live the album. “The album's demise is exaggerated."
3. But it's more than just the album. “The modern music company is an increasingly diversified, full-service entertainment firm deriving revenues from a variety of different streams."
4. Record labels make or break the day.
5. Great music.
   

You can read more at The Wrap, but my question is what planet Mr. Bainwol inhabits? #5 is certainly the key, but while the major labels that belong to the RIAA can sometimes be good marketers; how much “great music" have they nurtured recently and how much “great music" did they ignore along the way?

As for #'s 1 -4, If you read this blog, you already know what I think.