Grammy-award-winning artist Meat Loaf rang the opening bell this morning at the New York Stock Exchange to mark the recent release of his latest album, Hang Cool Teddy Bear, and CNBC was on hand to talk to the artist as this great honor took place.

Writes, "The majority of Meat Loaf’s music career took place during the 1970s. Now in an age where the music business is primarily online, Meat Loaf suggested that making money can be a little more difficult.

"I’m really working hard," he said. "The download(s), I mean you have to have hundreds and hundreds and hundreds of thousands of downloads (to turn a profit)." He also noted that tours also produce substantial revenue once interest builds up in a new release."

Watch the video below to see what else Meat Loaf had to say about the state of the industry as he's seen it evolve, and his brand new album Hang Cool Teddy Bear.