I'd argue otherwise, in any other case, but since a label's success solely depends on the success of its artists, which isn't always predictable, and considering the shrinking number of artists wishing to be signed onto a major label, there's a possibility of the music labels consolidating even more.
Then again, by the time they do, they just might stop mattering altogether. I keep hoping for self-implosion, anyhow.
I think the innovations in social media and file sharing will help artists become more independent and distribute their work directly to consumers. The trick is finding a way to monetize this efficiently and minimize the risk of people just getting it for free. Maybe adding advertising per download would be a viable option, I think there are some start-ups that are already doing that.
Then again, by the time they do, they just might stop mattering altogether. I keep hoping for self-implosion, anyhow.