Here's a thought I've often had as well.
Andy Heath, managing director of 4AD, said at the conference: "If the record labels had embraced the original Napster, we may not be here... but they didn't and we are."
But I think it's a good thing that they didn't embrace Napster. Relevant innovation has been the result of this war between the recording industry and the technology sector. And if this war would have been less fierce, I believe there would have been less innovation.