http://www.youtube.com/watch?v=vq9mJGdehis&feature=player_embedded - skip forward to 22 mins for a utopian vision of music licensing that nearly came true.
Then skip forward to 35 minutes for his defence of streaming services in the face of minute royalty payments: "The average iTunes consumers is spending $40 a year on music, so just over $3 a month and out of that, the labels are probably getting 60-70%. Every time somebody subscribes to MOG, if they take our mobile option it's $10 a month, and the same percentage is going back to the labels - 60-70% - and that's much better than $3. The key question is how to we get scale." (And the answer is they'd like MOG to be bundled into your cable bill or ISP or mobile bill. If it could be bundled then the labels would probably allow all you can eat for $2 or $3 per month and the scale would be huge.)