Yes but you could also argue that there are many many many more artists making money in the music industry now, and that consumers have much more choice.

Sure they're not all making millions, but I'd rather see an industry with more players each making less money (i.e. more choices for me), than a smaller group of pre-selected artists (and the machinery behind them) that take home tons of money but put out less varied produced-by-committee content designed for mass consumption.

So I think it's arguable whether it's better or worse for the industry, but it's definitely better for the consumer.