I find cool music for brands to use in advertising and marketing campaigns, and then negotiate the rights to use it in all kinds of new media. I've worked with Macy's, American Eagle Outfitters, Nike, Chivas Regal, and others. I'm currently working at Amazon, and you might have seen some of my Kindle ads.
There's a great study on revenue streams for musicians:
http://money.futureofmusic.org/40-revenue-streams/
According to a few different sources (A2IM and Soundscan and a few others), indie record labels control between 30% to 40% of the business. They're the largest segment.
So I think yes, there's quite a bit of money left in this industry.
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