The New Music Business is not supported by the major record labels. It’s not about a hit, but a career. It’s not about capitalizing on hilarious memes, but building relationships with fans.
Getting signed by a major record label is NOT a marker of success.
When 99% of all acts that get signed to major record labels fail (i.e. do not recoup the cost of their advance and get dropped), the odds are actually worse for you if you attempt to work within the traditional music industry. You might as well go and buy a lottery ticket.
So, both of these industries are existing. Simultaneously. One run by musicians defining their own career destinies. And the other by money-hungry opportunists.
Ari Herstand, “‘Cash Me Outside’ Girl Signing Marks The Official Split of the Music Industry”, Digital Music News (18 September 2017)