Speaking about Indie Music
I'm the SMALL Record Label. The money comes in through sales of Merch, Gigs and selling CD/MP3. I think there has never been a time better for Indie Music. There are more people making a "living" in music and not being a big label band or a cover band, but they are all fighting for a very small pot.
Blame
1) Music Fans. The vast majority of people will never give Indie bands a listen and have the listening pallet of a 6 year old.
2) Indie population is high majority college age kids. I would love to see this expand. I am in my 40s and I don't know anyone my age that is into Indie Music. Heck when I was in my late 20s and early 30 I was "Old Man" to everyone.
3) Bands - Don't have enough money sense (Including myself as a studio/label owner). They have a TON of survivor instincts and the tenacity to keep going but they can't figure out how to turn things into money.
4) Streaming - People actively seeking out certain music pays the same as mindless random steams. I think if people search and specifically pick your music it should pay more.