Record Labels are Depressed & Struggling. Why?

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Recently, it came out in a Billboard article that several music execs at record labels are depressed because they're unsure of how to break new artists into the music industry. Ice Spice and Olivia Rodrigo were cited as the last big names to really break into the music industry, and I have several reasons why I think that is. A lot of music consumers think the stagnation of the music industry now is largely due to execs looking to apps like TikTok to sign new talent, and hoping their already viral music will do the heavy lifting. Artist development doesn't seem to be taken as seriously as it used to be, and in turn, it seems like the bar for big name performances is a lot lower. Aside from that, over the decades, artists and consumers alike have become privy to the fact that a lot of record labels and execs have taken advantage of artists, through means like 360 deals and other unfair contracts. For this reason, a lot of today's talented named would rather remain independent.

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SOURCES:
https://www.billboard.com/pro/....record-labels-adjust
https://www.complex.com/music/....a/tracewilliamcowen/