Sir Elton John has a pretty gloomy view of the music industry, saying it’s “disappearing” because of the lack of artist development, resulting in musicians being dropped from labels if they don’t instantly score a No. 1 selling album. We have the full story from Ultimate Classic Rock.

“A record company can drop an artist after one or two albums,” he told Music Week. “My first record was (1969′s) ‘Empty Sky,’ which didn’t sell that many. I lucked out with the ‘Elton John’ record (1970), and I was getting known as a live artist. So the record company knew there was something there, and it’s essential we have live artists as that is the only way they are going to sustain a career.”

He added, with concern, that “the record business is disappearing. The record shops are disappearing.”

To combat this trend, John is launching his own music company, the Rocket Music Entertainment Group, and we have the full story from Ultimate Classic Rock.

Do you think music is dying?