The music industry is mostly a self regulated organisation. But just as any other industry it has to have regulators to protect all the people involve in the production and realisation of a song, cd, a concert etc (copyright, trade, music representation). The most important are: BASCA, APRS, MPA, PRS, BPI and OFCOM. Although all this companies have different aims the vision is the same, keep the music industry alive. However the fact that technology is evolving so fast, makes it even harder for them to protect every single detail.
The internet, Is the most used media in the world, but some times that is not a good thing. Sometimes songs come out to the public long before the official release prejudicing the sales.
They are too many variables in the equation to get a single solution for all of it. And is not only in the music industry, another example is the film industry, and I have to say that they are the most affected ought to piracy.