The labels have always made substantially more than any artist under their roof when it comes to distribution.
Consider what it takes to run an operation like Spotify. They don't just have a server with a connection and then do nothing but count their money. Think about the time investment
@Supergrobi puts in just to maintain this little forum. Then think about what sort of effort it takes to maintain a database of music the size of Spotify's and the effort required to keep up with the streaming demand while always maintaining reliability.
It's a much bigger picture than is being viewed here.