I feel like the biggest loss from the days of big record companies is that no one is going to front a promising young band enough to go away together and make their 'Dark Side of the Moon' or 'OK Computer'
* I know both bands probably could've self-financed those projects by that point in their careers, but would they have? And would their role as investors have changed their artistic decisions?
I'm not so worried about humanity's loss of peak works like these since I don't think any young band has it in them at the start anyways. What young artists need is an on-ramp and a way to stay in the business long enough to hone their craft and build a following while turning out a couple Pipers at the Gates of Dawn. Works like Dark Side and OKC are developed, not born, and we need that pipeline.
The problem was that the big companies had the good recording studios and the possibility to make records and distribution. This was very expensive.
Today are studios in abundance. And bands that are good are usually good connected and certainly know a good down mix engineer.
Then they can distributed via Bandcamp.
Today it’s much better for artists who want to make music. The big record labels were just gatekeepers.
* I know both bands probably could've self-financed those projects by that point in their careers, but would they have? And would their role as investors have changed their artistic decisions?