It doesn't matter if it's Spotify's fault - I'm not saying they are the evil empire. I am saying that streaming is how we "beat" piracy, and it was not a panacea for the people it was supposed to protect - unless we consider the labels the people it was supposed to protect.

You're also comparing apples to oranges on revenue. 40% of the revenue of a $10-$18 CD sale is a lot different than 70% of a $10/mo subscription being split out over however many artists someone might listen to on spotify.

https://www.nytimes.com/2021/05/07/arts/music/streaming-musi...

Lots of artists talk about how they simply can't make a living off streaming royalties - artists that were able to do in the era of album sales. Obviously any sort of comfortable living requires merch sales and touring.