Musicians Don't Need Record Labels Any More

Online distribution costs almost nothing, promotion can be done
at very low cost using a variety of online tools, and even recording has gotten a lot cheaper thanks to digital technology. As a result, there's little or no up-front cost to releasing an album. (Beyond the costs of writing songs and practicing them, which most bands do long before they get their first contract) That means there's no longer any reason to have record label executives picking and choosing music on behalf of fans. Instead, every band's music can be made available to everyone, and the fans themselves can "discover" the bands they like.