I highly doubt that the music industry is dead. Sure, the "mainstream" music industry is filled with some unsightly characters and music, but not every hit song is that bad. The first album of Fun. (and the two albums from The Format) were fantastic and display Nate's incredible vocal range, you have talented vocalists such as Florence Welch, Lady Gaga and Adam Lambert. Beyond that, some of those bands and performers that aren't as well known as Of Monsters and Men or Fun are really wonderful.
I'd have to say my favorite genres are rock and alternate, so I'm sure that the music industry isn't dead.
I'm also a massive choral geek, so even if the music industry was "dead", I'd be completely fine.