> artists are promoting merch because selling albums/EPs doesn't pay the bills. It's fascinating what merch people will buy too - tapes, signet rings, €30 caps, bags...

Pretty much this. The music is basically promotion for the merch, which actually makes money.

Cassette and vinyl sales are also important because in addition to the nostalgic (hissy/scratchy but also warm and saturated) "analog" sound the physical recording is a fun collector's item and something you can show off.

Hopefully live shows will return at some point as well.