Yep. It used to be that live shows were to promote records, where the real money was. Now with tickets over starting at $55 and going up to 500 or more, a band can make over a million playing a medium sized indoor arena. The records exist to generate ticket sales.
Yes, you are correct. The real money stream for artists now days is through Live shows, Merchandise, and branding. The recordings now serve more as a advertising medium than a profit center. The artists doing well have adapted to these market changes that computers created.