Not really, Chance the rapper, Lil Yachty etc had huge amounts of listens etc on SoundCloud which is why they became famous, they werent being signed by labels despite their heavy recognition. Chance the rapper went independent, like the thing is that labels only sort of pay attention to SoundCloud, the major medium is still YouTube, but we even see musicians there with followings and millions of views not being signed.

Not trying to sound ass-hurt but if theres a big platform of dedicated listeners and theres a lot of people with millions of listens, wouldnt those be easy hits?