If you’re intending to read Anthony Reynolds’ book on the subject you’ll hear testimony from heads at Virgin which will shed some light. The industry has changed so much thanks to recording technology and the internet. Better now for artists to run their own show as opposed to being bankrolled for studio time and incurring debts that were barely recoupable given the artist’s small share of profits. Plus never owning their own recordings. It’s much more of a level playing field now but none of that means it’s easier to have a visible career. Bottom line is, with the old-school label deals you were paying a premium for all-star treatment. If you make it big then you’re laughing but anything less and you’ve lost your work to a mountain of debt.