If you hope all of the national press go bust, what do you think will fill the vacuum it leaves? There will be some very rich people / companies / government bodies with their own agenda who will be dictating the news cycle.
The system we have now of a free press is absolutely essential to democracy. As much as the tabloid press publish some utter click-baiting shite, at least there is competition. A free press means people will be held to account, the truth will out.
Take Murdoch who's the biggest media mogul in the country. If he controlled all of the press, the News of the World hacking scandal would never have come out. He could carry on doing as he pleased, invading people's lives, liberties, and even if he got caught, there would be no alternative press that would report on it.
I'm proud to live in a democratic country, and one of the corner stones of a democracy is a free press. They aren't perfect, but they play an incredibly important role in society. The idea that if all the national papers went bust that some plucky volunteers would research and publish all of the news for us on Twitter is just an absolute fallacy. How would those people survive and make a living, and how could we trust that they were telling the truth if they were not accountable to anyone?
Music is rather different. The cost of producing and marketing music has come down ten fold in the last 20 years. Music can be produced to recordable standard now in a bedroom with £2k worth of equipment. 25 years ago it might cost £2k a hour to work in a studio with comparable technology. Bands can now launch themselves on social media and get millions of plays / views for their songs for absolutely nothing. Again 25 years ago that exposure would cost hundreds of thousands of pounds in marketing, video production etc.
Many people get music for free now, so artists aren't getting the same income from record sales. But songwriters are still getting paid comparable amounts for publishing when their music is used on radio, TV etc, and live gigs have never been more popular, with more people attending music events now than ever before, and prices going up to reflect it. So with music, yes sales are down, but the cost of producing and marketing music has also fallen dramatically, and the live aspect is doing very well.
Journalism is a completely different industry. Newspaper sales are in terminal decline, people are becoming more savvy online using adblockers etc, so even advertising revenues aren't picking up the slack. Music and art plays an important role in society, but it's essentially entertainment. Whether record labels exist in ten years, or whether musicians become millionaires, is debatable, but new music will always be produced regardless.
If national newspapers cease to exist, the ramifications for democratic society are a lot more stark than if the record labels go bust.
