I don't think we're ever going to return to a revenue level similar to the 90s, honestly I think that was a historical aberration caused by a number of supporting factors.
In the early 90s, more people in the west had more disposable income, production had become all-digital (lowering production costs), and CDs cost next to nothing to make compared to stamping vinyl or making cassettes, so the profit margins were bigger. There was also the explosion of pop music, especially boy bands with gigantic fan bases. CD players were inexpensive and started to come as standard equipment in cars. At the same time, storage capacity and processing power in the average PC was inadequate for storing uncompressed CD quality audio and playing back compressed audio, respectively. Of course, usable lossy audio codecs were very much in their infancy, and CD-R drives were still very expensive, slow and unreliable. Not to mention the lacking state of mobile devices at the time, if anyone even had a mobile phone at this time, it was very likely to be on an old-fashioned analog network.
It was the perfect environment for big record industry profits, but by the late 90s/early 2000s, we had Napster, affordable CD-R drives, increased storage space, processing power and internet speeds, and of course properly viable lossy codecs. Pandora's box was opened, and now matter how they try, the big labels can't close it back up again.
I don't think segmentation is the solution, you can't get people to accept tiered pricing based on usage, the $10 for unlimited usage like a library is the entire reason people love streaming services. I think what they can do is add higher subscription tiers with bonus features, higher sound quality, personalized content that isn't just made by an algorithm. Maybe they could even do exclusive access to new releases, but that may result in backlash from "basic" subscribers who feel like they're getting cheated out of content.
In the end, perhaps it's just an uncomfortable shift towards less income from records sales/plays, and a bigger reliance on touring and merch sales. I know a few bands that use Patreon as a sort of "pay what you want" fanclubs, where you get early access to various content at lower tiers, and things like Skype chats or guitar lessons at higher tiers.