[ghaff]

I assume "they" in the parent refers to the labels.

Almost certainly one of the things that allows streaming to be priced in a range that's palatable for consumers is that most artists make less money than ever. At $50/month, it presumably wouldn't fly. As it is, it's probably priced in about the range that a lot of people spent on physical media in pre-Napster days. (And streaming seems not to be a money printing press for at least some of the streaming services either.)

ADDED: https://www.visualcapitalist.com/music-industry-revenues-by-...

Paid streaming is somewhat lower than peak CD but about the same as peak vinyl (inflation adjusted). There are peaks and valleys but consumer music spend hasn't changed that much over time.