I think it's interesting to look at genres of music where the album has never been particularly important - for example dancehall and ragga in Jamaica. Dancehall producers will create an instrumental (riddim) and then release it publicly as a dub plate for the many different MCs to rhyme over. This results in a large number of versions of the same instrumental being played by DJs in clubs around Kingston. Quickly the response from the dancefloor combined with the DJ's opinion filters out worse versions and leaves one track standing above the rest. This track will then be the big smash on that riddim and really blow up. That track is typically the best vocal on the best riddim. It's wisdom of crowds applied to the composite elements of the track.
As the free availability of individual tunes results in more remixing, more collaboration and more playlisting a system that determines the optimal permutations will be very valuable. My guess is that the optimal permutations will be inferred from the behaviour of music fans on the web so no one will own it as such, however the experts and tastemakers will become more visible and may be able to monetise this ability.
Live recordings will become more important because as albums get broken up by file sharing the selection an artist chooses in concert will become more meaningful.
As the free availability of individual tunes results in more remixing, more collaboration and more playlisting a system that determines the optimal permutations will be very valuable. My guess is that the optimal permutations will be inferred from the behaviour of music fans on the web so no one will own it as such, however the experts and tastemakers will become more visible and may be able to monetise this ability.
Live recordings will become more important because as albums get broken up by file sharing the selection an artist chooses in concert will become more meaningful.