To be fair that is the truth. HMV has been overpriced since the days that Virgin Megastore was it's only real competition, yet it performed pretty well then. Maybe, maybe, it could have competed against the internet alone, but with piracy evolving at such a rate it had absolutely no chance.
I realise I worded that poorly, by "the internet" I meant piracy and online streaming. I complete forgot that "the internet" could also refer to online stores. (Doh!)
I don't buy the piracy claims, Amazon is the 9th most visited website, Hulu the 270th, over 15bn songs and 200m HD episodes have been brought off iTunes, clearly people are still le piracy is an exaggeration. A problem yes, the end of the industry as we know it, unlikely. However, undoubtedly FACT are going to profiteer off this and convince the government to introduce draconian copyright laws that do nothing to prevent piracy and just become a pain in the arse for honest consumers....