Hollywood studios made billions by strictly controlling distribution. Some music acts think it may be profitable to restrict access in a similar way. Read this blog post by Greg Sandoval on Media Maverick.
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Pros: I could really only come up with one good pro to the fact of forcing listeners into subscription; this won't turn everyone away from the apps. Not everyone is going to be opposed to the purchasing monthly, yearly, etc. of these apps.
Cons: You are going to push some listeners away to illegal site, and in return none of their money will end up circulating to the artists or labels.