As usual, the truth is harder to spot
There's a lot to this, most of it complex and accountancy-based and thus v. dull.
However: remember that the major music companies used to own and operate physical distribution arms - warehouses, vans, cars, salesforces on the road with flipbooks of new releases etc etc. They've pretty much all outsourced / scaled down etc.
What people conveniently ignore is that the cost of delivering the digital music is much, much lower. Whilst total revenue falls, profitability should rise with more digital product. Just to look at total sales is misleading. Those companies that are announcing less profits (nb "less profits" not "major losses") are the ones that are failing to adequately rationalise their operations - most of them still have not a clue on how best to deliver music digitally.
To continually blame piracy is just plain wrong. At best it's a failure to adequately service a demand that is clearly massive; at worst, it's like watching the Titanic being steered by a drunk chimpanzee.