On the other side I've seen artists complaining that when they do get a lot of play on streaming services they still don't get much in royalties. I would venture (meaning I have better things to do this afternoon than research the real numbers) that in terms of revenue to the independent artist that sells their own music, one customer who purchases a download or buys physical product is equivalent to a much larger number (10? 100?) who play them repeatedly on streaming services. From a label or self marketed artist standpoint the streaming services are successors to the record clubs, what makes them more complex is that they also function as radio stations. From the standpoint of an independent artist getting on the streaming services is important promotion, but then every time someone saves them to their streaming service library instead of going to Itunes or Amazon they are getting a tiny fraction of the income. No surprise that established artists who have control over these things aren't available on these services. Further given that the labels probably also believe they should charge a lot more, I'm surprised that there aren't complaints that the agreements call for forced exposure of their developing artists.
An example that most people miss about the record companies not adjusting to technology is that the record companies aren't shifting to DVD Audio. I still buy most of my music in physical format, in large part because of MP3 quality (unreliable). For customers like me who pay a premium for quality there is no excuse with today's technology to deliver less than 48kbps 20bit. DVD Audio can deliver lossless 96x24 when CD is still limited to 44x16. (As for the alternative SACD format, only about 1% of all CD capable devices can decode SACD as compared to about 50% that are DVD players or ROMs).
Getting back to the main point, the Legacy Recording Conglomerates don't know to deal with anything in the new landscape, historically they've had difficulty with change. In the 1940s a startup called Capital Records changed the rules by sending free copies of records by their big signing (Frank Sinatra) to radio stations, eventually the 2 conglomerates of the time (RCA and Columbia) had to do the same to remain competitive. It is the up and coming independents who will figure out how to navigate the new landscape, all the big labels want is a return to the way it used to be.