The labels think they have found their savior. Artists will get famous on TikTok, and label execs can just sit back and watch the cash pour into their bank accounts. I hate to be the bearer of bad tidings, but it won’t turn out that way. In fact, labels will end up like so many addicts, destroyed by the very thing they crave.
Source: Record Labels Dig Their Own Grave. And the Shovel is Called TikTok.