In late 2020, a band called Sub-Radio had a couple thousand followers on each social media platform and around ~15k monthly listeners on Spotify, and this was after many years of working extremely hard and even touring the US. Among many things, my primary advice to them was to start live streaming, particularly on Reddit. By the time 2021 arrived, they had more than tripled their social media presence and doubled their listener count. The continued to stream on Reddit throughout the year before recently switching to TikTok, and in the process garnered over 1 million new followers, 150k monthly listeners, sold out an entire US tour and their music is being licensed left and right.
That's just one example of countless many, and it's the way the entire industry is moving. If you're not on board with that, then you're behind the times, because you don't need a million dollar music video budget to become famous and you never did. Financial support has always been a very well-understood con by the record labels, as it allows them to assume ownership over music rights under the guise of "necessary promotional activities."