The artists can do better too, if they have the power to make TM share the upside (most don't) because TM controls much of the resale market and is also moving towards surge pricing. This is why they're pushing into virtual ticketing so hard (Ticket-less Master?)

TM also has huge vertical integration. If you want to perform a live show at almost any mid/large venue your tour is likely to be managed by Live Nation, and they are integrated down to artist representation.