File sharing doesn't threaten music at all, what file sharing does affect is the profit generated by the music industry.
People will always love music and create music no matter what day and age and what kind of technology is available. That's why you see street performers playing music even though they may or may not get paid for it.
As I am required to post an argument I am going to be brief. File sharing can allow people who are unable to afford the album to listen to the music by the artist and that the song/music may inspire others to create their own songs or to become an artist themselves.
Well, file sharing won't stop bands and artists from recording music, BUT at the same time, it's not a good model to go off of. Many bands and musicians depend on money to either get through their daily lives or to fund their projects. Making music isn't cheap, that's for sure.