Bob Lefsetz, author of the influential music industry newsletter the Lefsetz Letter, talks with Recode's Peter Kafka about the winners and losers in the modern music business. Lefsetz says the traditional music label model was one of artificial scarcity, and there's no going back now that streaming services like YouTube and Spotify have arisen. He also argues that Netflix is doomed and VR is being mis-sold to the public. Later in the show, he reflects on the election of Donald Trump and why he's skeptical of the New York Times' ability to challenge the incoming U.S. president.