I'm in this space. It is not as easy as you think. You need to figure out an angle / do stuff that is crazy that isn't what everyone else is doing. There's like 10 million wannabes out there. I have sites that pull leads, I listen to new music every day. The best new music is coming out of Hotlanta, awesome stuff. There are sites that do like a subscription model, for $XX a month they do various low end promotion for artists.
Between ReverbNation and TuneCore/CDBaby/etc. there's really no reason for an artist not to just incorporate their own label and market their own stuff to get going. You need the big labels for setting up the big time stuff though, they got the infrastructure.
The biggest problem is all these new artists are lazy sacks of shit. They don't want to do anything, and expect money to appear on their doorstep overnight. There's a small percentage that are motivated, and out of those there's a slice who are really working it and doing some creative shit online.
That said, the time is totally prime for a new player to step in and do what you want to do. You could totally crush it. But the old school labels will feel threatened, you gotta be prepared to deal with their bullshit. With IM/online you can bypass the 899 levels of middlemen who want their slice, but all those middlemen get bitchy.