> Back in the day when live concerts were "cheap" it was partially because live concerts were used as a way to promote the sale of vinyl and CD's where artists made most of their money.

This is backward. Albums were where the record company made their money. Only mega-stars made their money on albums. Modern musicians have always made their money from live performances, and especially from merchandise. Albums were essentially marketing to bring fans in to concerts. This is why so many artists live on the road.

Artists, and record labels, are certainly making less on albums now though, and I wouldn't be surprised if the labels are now nosing in more on concert profits to make up for it.