What does a Professor in Economics and Finance think about the classical music industry ?

Prof. Dexin Zhou is an Assistant Professor in Economics and Finance at Zicklin School of Business, Baruch College, City University of New York. He received his bachelor’s degree from Bard in 2009 and PhD in Finance from Emory University’s Goizueta School of Business in 2015.
His thoughts on the music industry: 1) live performance and music through media are substitutes. 2) tech advancement makes music over media more competitive relative to live. Thus may exacerbate winner-take-all situation. 3) classic musicians need more specialization and differentiation. 4) on the government side universal basic income may be one solutions.