major record labels consider it a parasitic threat
Well, they would know. Takes one to know one.
What do record labels even do anymore? Broadcast radio is dying and even when it was less dead, it was the same 100 payola songs on repeat. It's never been cheaper or easier to self-record and publish, and there are all kinds of online platforms artists can use to distribute their work and get paid.
Hell, the last few new artists I've found were from YouTube/Spotify/Band Camp and had Patreon accounts.
The music industry needs to die off already.