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The New York Times ran a super cover story in its Magazine recently on Rick Rubin, founder of the Def Jam label who has led a pretty amazing career, producing so many different types of bands, from The Beastie Boys to Slayer to Neil Diamond to Johnny Cash. He's now been tapped by Columbia records to figure out how to save the music industry, essentially:

Beginning in 1984, when he started Def Jam Recordings, until his more recent occupation as a career-transforming, chart-topping, Grammy Award-winning producer for dozens of artists, as diverse as the Dixie Chicks, Slayer, Red Hot Chili Peppers and Neil Diamond, Rubin, who is 44, has never gone to an office of any kind. One of his conditions for taking the job at Sony, which owns Columbia, was that he wouldn't be required to have a desk or a phone in any of the corporate outposts. That wasn't a problem: Columbia didn't want Rubin to punch a clock. It wanted him to save the company. And just maybe the record business.

The music industry is suffering, with record sales down over 30% so far this year, and no one seems to know why:

The mighty music business is in free fall -- it has lost control of radio; retail outlets like Tower Records have shut down; MTV rarely broadcasts music videos; and the once lucrative album market has been overshadowed by downloaded singles, which mainly benefits Apple. "The music business, as a whole, has lost its faith in content," David Geffen, the legendary music mogul, told me recently. "Only 10 years ago, companies wanted to make records, presumably good records, and see if they sold. But panic has set in, and now it's no longer about making music, it's all about how to sell music. And there's no clear answer about how to fix that problem. But I still believe that the top priority at any record company has to be coming up with great music. And for that reason, Sony was very smart to hire Rick."

Rick Rubin is an incredible individual, for sure:

Rubin, wearing his usual uniform of loose khaki pants and billowing white T-shirt, his sunglasses in his pocket, his feet bare, fingers a string of lapis lazuli Buddhist prayer beads, believed to bring wisdom to the wearer. Since Rubin's beard and hair nearly cover his face, his voice, which is soft and reassuring, becomes that much more vivid.

Whenever he agrees to produce an album, Rubin scrutinizes the songs before going into the studio. Currently, he is producing records for the hard rock band Metallica, the nerd power-pop band Weezer (it is part of his deal with Columbia that he can produce albums for acts that are not signed to the label) and the legendary Neil Diamond. At the moment, Metallica is touring in Europe, Weezer is writing a new batch of songs and Diamond has just started in the studio. Rubin works slowly -- it can take him years to finish an album. "A lot of that is because of the songs," Rubin explained. "I try to get the artist to feel like they are writing songs for the ages rather than songs for an album. As they write, they come over and play the songs for me. For some reason, most people will write 10 songs and think, That's enough for a record, I'm done. When they play the songs for me, invariably the last two songs they've written are the best. I'll then say, 'You have two songs, go back and write eight more.' "

It's a fascinating profile touching on details of his producing style and prescription for fixing the ailing music biz:

"Until very recently," Rubin told me over lunch at Hugo's, a health-conscious restaurant in Hollywood, "there were a handful of channels in the music business that the gatekeepers controlled. They were radio, Tower Records, MTV, certain mainstream press like Rolling Stone. That's how people found out about new things. Every record company in the industry was built to work that model. There was a time when if you had something that wasn't so good, through muscle and lack of other choices, you could push that not very good product through those channels. And that's how the music business functioned for 50 years. Well, the world has changed. And the industry has not."

Read on!

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