He is assuming cultish, little known indie musicians are not making money because of piracy, that's not true.They are not making music because they are cultish little known indie musicians. The idea that they would be swimming in it if there was no piracy is silly.
actually, you're close enough to what he's saying. His point (more or less, or at least how I read it) is that making money off selling music is an absurd idea that has lasted far longer than it should have in the first place