Well we all know how much lyrics sites lead to a loss in sales for these companies.
Quite the opposite, i'd say. I've often heard a song i liked on the radio, but not known what it was called or who it was by, and then googled bits of lyrics to find out so i could buy it. And i'm sure i'm not the only person who does that. The Google search inevitably takes me to one of those lyrics sites. If they weren't there, chances are i wouldn't have bought the song.
They're just shooting themselves in the foot as usual, with their mindless short sighted approach.