Even record labels came out unscathed, relatively.
It's not like we live in a world where artists record songs, and get paid by streaming services. Record labels get paid, and they pay artists with hollywood accounting. All the control is still with them.
They have much less control of what becomes popular. Recording has no need for upfront, risky capital anymore... Once upon a time, you needed a lot of money to cut & press a commercial album. A warehouse full of records, physical distribution, the advertising to make that work.
The "record deal" was essential because someone had to fund an album. The record industry was built around this, with the portfolio of "signed artists" being their primary asset. Napster, Youtube & Spotify haven't really changed this... They've affected it, but the system survived irrelevance.
The reality of content industries (and many other ones) is that centralisation is everything. The big hollywood studios, record labels & such will take the lions share. If they don't, it will be netflix, youtube, spotify & such. Someone will be in position to dictate terms, and it's not the artists.