From what I understand artists were always getting screwed by record corporations with predatory contracts. NIN and Radiohead a while back found that a DIY pay what you want model worked better and got them more money in the long run.
Steve Albini (RIP) wrote this and it seemed spot on. He later followed on with how the internet fixed things.
"Some of your friends are probably already this f*cked"
matthewscottkelemen.substack.com
When artists have to earn their living from touring and merch at concerts I'd say it's a bigger problem than pirating that wrecked the music industry. Bands barely get any money from album sales. Part of it is bad financial understanding of the band itself, especially with younger people. Record labels never did artists many favors either.