In the old industry, the roles of artist and label were quite well defined. The artist performed, and the label controlled. While the artist may have been responsible for the music element of the product, jurisdiction for all others fell to the label. How it was packaged, sold and presented - and in some cases, even how it finally sounded - was all down to the men in suits.
The new industry is fundamentally different. The label's role now centres around co-ordination. Ensuring that all the pieces of the puzzle fall into place, from administration of the artists rights, to planning the strategy of getting the artist connected to it's community.
The artists role has changed as well. They are learning more about how important it is to market themselves, and actively participating with their fans. Social media - like Twitter - is changing the relationship between artist and fan, to the point where fans have started to expect a much higher level of instant interaction. This marketing falls to the artist themselves - something relatively unheardof in the old industry.
The new industry has given power back to the artist. Effectively they can create, market, and distribute themselves. They now have more responsibility, but in a way that gives them greater connection to what they are creating. Finding the right label can give them access to skills and support which can help them reach their community. It's an equal relationship based on collaboration rather than control.