This is very true. One of the first artists I noticed doing this was a rapper, Curren$y. All the mixtapes were free on Datpiff.com (major throwback) and the tours / Merch were the $$$ makers.
This also allowed artists to go fully independent and keep all their profits.
Added into the mix now are independent vinyl / cd / tape makers who the artists partner with on Physical music releases. Yes, physicals are back in a major way thanks to platforms like Bandcamp.
*edited for a grammatical change.