Sorry for the late response Sno. Unfortunately, there's a lot of truth is what you say.
It's certainly the case here in my hometown of Memphis. At one time the mainstream stations in my hometown of Memphis (WHBQ, WLOK, and others) were primary supporters of local musicians and launched the careers of Elvis, Jerry Lee Lewis, Issac Hayes, BB King, and more than I have time or space to list. When big media companies hit town, they bought out all local ownership. This contributed quite a bit to clubs dropping live acts and a shift to a DJ driven format. That led to the decline of available gigs for bands like mine and musicians of all styles.
You are absolutely right on the philosophical thing too. If I start talking about that, well, I'll never stop.
I'll tell you though, there is a renaissance and Memphis music is back on the rise. Homegrown Rap and Hip Hop (not exactly politically correct stuff, that ;) ) led the way and the club scene is surging back to life with a surprising vigor and variety. Local mucisicans/acts of all types are playing clubs large and small. Ardent Sudios is still "the destination" (as it was for ZZ Top, Led Zeppllin, The Stones, and more) to record for many of the greatest artists in the world. Stax has risen from the ashes as an academy teaching kids how to make great music and you can still record at Sun Studios with an engineer who's father ran the board back in the glory days. Independent producers are doing great things. You don't have to look too far in the industry to see Boo Mitchell's influence and Memphis studio musicians are the secret sauce in more big recordings than you can count.
It's pretty damn awesome that an old, chubby guy like me can sit in the back digging it all - and still feel welcome.