Recording labels are quickly breaking down as a business model.
Look at the software industy. Pre-internet you had to find a company to distribute your software. Today, there are millions of software companies that create their product in a basement and distribute it via the internet. Now, the number of people becomming zillionaires by selling software has gone down, but the number of people making a decent living selling software is in the zillions.
Bands no longer need record labels to produce music, and they don’t need them to distribute it. The number of mega-bands in the future will probably go down, but the number of bands able to make a decent living will go up.
From the dawn of time to about 1915 there were no mass-produced, readily available music recordings.
So musicians, to live off their music, had two options: selling their compositions for money or playing their compositions or other people's compositions for money.
That was how musicians made money: publishing or performance.
Then, from 1915 to 1975 there was an era in which enormously expensive recording equipment was able to profitably sell affordable recordings.
This technological innovation turned the music business on its head - promoting recordings on radio and selling recordings became the main cash generator for musicians. The way to become a popular musician was to make recordings that were played on the radio and sold in stores. You didn't have to publish and you didn't even have to perform that much - or even at all.
Then, from 1975 until now, the technology required to make an appealing recording got dramatically cheaper thanks to advances in electronics and miniaturization. In 1995, distributed networks became commonplace as well.
So, beginning in roughly 1995 almost anyone could afford to record music and distribute it - the era of unapproachably expensive recording equipment and distribution, which enabled well-capitalized record companies to cartelize the music market - ended.
The future of music is now its past: publishing and performing.
When anyone can record and distribute music using a laptop and a few peripherals, the record industry of 1915-1995 makes no sense.