That power put them above both the artists and the audience. They own the plantation. Being the gatekeeper was the most profitable place to be, but now we're in a world half without gates. Record companies don't understand the intimacy between artists and their fans. They put records on the radio and buy some advertising and hope for the best.
Digital distribution gives everyone worldwide, instant access to music.
And filters are replacing gatekeepers. In a world without friction, the only friction people value is editing. A filter is valuable when it understands the needs of both artists and the public. New companies should be conduits between musicians and their fans. The digital world has no scarcities.