Earlier quoted context omitted.
If anything labels are more important than ever and music sales are driven by the kind of marketing campaigns that only big records labels can afford. There's a ton of interesting music being made outside their domain but most people will never hear any of it.
My music style is far from trendy, but I can't remember the last time I listened (even more so bought something) from the major label. I'd say is much harder to become millionaire rock star now, but for indie bands, that play as a hobby, situation is very favorable as you can contact you audience directly and you don't need to frame yourself into "format" dictated by the labels.
The difference between now and the 60s through early 90s was that labels were willing to put their weight behind more oddball artists like Bowie. He wouldn't have a snowball's chance in hell of achieving the same fame if he were starting now. We're in a weird time where mainstream music is the most timid and cynically commercial it's ever been but the fringes are exceptionally vital.