Yes, the music labels have a conflict of interest because they took financial positions (equity) in the streaming services in exchange for giving artists lower rates. So they don't really represent the artists. They instead joined up with the streamers to screw over the artists.

Most hits today are produced by Spotify. Actually they are record company. And they also have a really shitty contract. That at the end the revenue stream, for the artist is coming back to Spotify anyway.

It’s easy. 1. Search talent on TikTok. 2. Let them sign shitty contract. 3. Produce them. 4. Market them on Spotify.

5 . Win win. Win win for Spotify not the artist.

What profits?

>From my understanding it's still the music labels that are not giving the artists their share.

If that is the case, the artists can easily sue the labels for violating the terms of the contract. But the fair share is just what the two signing parties agreed to.