I think you're right, and I think labels are helpful to certain artists (they provide a lot of capital, for a start), but they're not the only way for bands to get exposure.
Triple J Unearthed, for instance, is an Australian website (and digital radio station) attached to the Triple J radio station. Any unsigned Australian band can upload their music and have it listened to by someone from the radio station (as well as being freely available online for the public to stream or, optionally, download), and the good stuff gets played on Triple J. It's not a huge radio station - it has about 6% marketshare Australia wide (with I would guess 95% of that being in the 15-30 market), but it has massive market influence and has launched many massive Australian bands.
I don't think Youtube is (generally) a practical way for people to find new music either, but I also think that labels as we know it will soon be extinct, and that the music industry, for consumers and for artists, is in the best shape we've ever seen it.
I think I should clarify that I'm opposed to most record labels on principle. I think what Triple J Unearthed is doing is awesome and that's where I think a new player can come in, hopefully someone unrelated to the established industry.
Triple J Unearthed, for instance, is an Australian website (and digital radio station) attached to the Triple J radio station. Any unsigned Australian band can upload their music and have it listened to by someone from the radio station (as well as being freely available online for the public to stream or, optionally, download), and the good stuff gets played on Triple J. It's not a huge radio station - it has about 6% marketshare Australia wide (with I would guess 95% of that being in the 15-30 market), but it has massive market influence and has launched many massive Australian bands.
I don't think Youtube is (generally) a practical way for people to find new music either, but I also think that labels as we know it will soon be extinct, and that the music industry, for consumers and for artists, is in the best shape we've ever seen it.