The music industry is at best a 100 year old historical anomaly compared to the at least 4000 year history of music. The life of musician has pretty much always been extremely unlikely to be financially rewarding. Even at the height of the modern music industry maybe 1 in 1000 aspiring musicians ended up being signed to a major label. Musicians by and large have always made the bulk of their income based on in person performances. The only difference now is music companies now are losing out on record sales and starting to design contracts where artists have to split show and endorsement money with the label as well as record sales.
Honestly its a moot point, the technology has changed, and the music industry has to change with it or die. The whole music industry was created by the technology of the record, and will change or die with the advent of easily copyable media.