Steve Albini added figures to that : http://www.negativland.com/news/?page_id=17
Pretty famous & old article but still informative.
For me as a fan of several groups, the key thing, economically speaking, is that the group is able to work on their music full time, thus maximizing their creative output and therefore, as someone who enjoys what they do, the benefits to me.
If he is making a recording label, I'd avoid him more than the plague.