In my world, concert festivals & blogs have replace the need for major labels marketing role, and itunes / amazon / cdbaby have replaced their manufacturing / distribution role.

That said, I've seen friends of friends at iTunes start micro-labels that seem to focus more on online & concert only efforts.

I'd be more concerned about consolidation if it was the 90's again.

Update: Yes, you guys are right. I'm spoiled - I live in Austin "live music capital of the world" and have mostly non-pop taste in music.