I always thought the age of the internet, especially with modern bandwidths, could be the end of large labels for the music industry (or publishing houses for literature). I understand (to a naive degree) that the labels establish large networks, and complex licensing with public avenues like the radio or concert halls. It is also interesting that that most self published artists get the semi-derogatory term of "Indi…
The information age is numbing. There is too much of everything, so it's all debased.
The Internet also flattens everything. You get a market with no barriers anywhere. Power and prestige accrete to the winners due to network effects.
Put those two things together and you get an extreme power law market with one or maybe at most two or three winners who own each vertical. I expect Apple Music and Spotify to be the only two "record labels" on Earth here in a few years.