Maybe in 1995; but the industry has not worked like that since Amazon set up shop. Publishing was the first mass media industry to get disrupted. Non-essential work gets pushed down to the author / creator in such scenarios.
Music is the same; there was a time when your record company would pay for studio time, mastering, publicity, etc. Today? If you’re a serious artist you’re just expected to have $10k in recording gear and the knowledge of Logic Pro to produce your own songs and run a Twitch/Twitter/insta/tiktok account to connect with your fans. You honestly don’t even need a record company anymore since you can book a tour off Spotify listener count alone (touring is where the money in music is these days).