Once upon a time, the music business was gloriously simple. Now, it has all gone wrong and some serious, fresh, and entrepreneurial thinking is urgently required, according to Patrick Faucher’s editorial at C|Net on Thursday.

"So where did it all go wrong with the music business? Somehow, the pond became stagnant over time, mucked up with greed, laziness, contempt and excess. People got bored with music. Then, someone threw a rock into the middle of it called the Internet, and nothing will ever be the same," Mr. Faucher wrote in a scathing indictment of the music industry.

Everything has changed. The industry has become decentralized. Consumer choice and technology has changed the music business model from a few selected megahits to many more moderate successes in the Internet fan base.

Yet the music industry has done little to change its business model in recognition of this shifting technology and consumer approach.

"This shift," Mr. Faucher wrote, "requires a different approach to the development and monetization of music by the producers and promoters--one that more directly resembles that of more traditional venture-backed business. The entrepreneurs (artists) create new intellectual property (music, artistic brand) that has a demonstrated market (fans) that is robust enough to attract investors (for example, a label) that wants to own some equity in that IP and wishes to put money into the asset..."

Artists also need to understand this business model. It’s not enough to just play and sell music. Artists need to think like entrepreneurs and use tools that are already in place to help them sell their music.

The labels need to wake up and start playing a different role and better understand their partnership. "It’s no longer about throwing money into the ether, marketing to no one in particular, and seeking only mega-hit payouts. It’s about patience and commitment and focus. The labels--or their successors--need to get down to sea level, pick up an oar, and help row with the artist into this new ocean of opportunity," the author concluded.

The suggestion in that last comment is that if the labels don’t learn how to do this, their "successors" will.