Who invests the most in new artists? (Universal, Sony, Warner compared)

The music industry gets a lot of criticism for no longer backing new artists. This month Thom Yorke blasted the industry for failing to invest in artist development, and ploughing money into catalog instead. This feels true, so I wanted to see if I could find any data about it. Are the major labels still signing artists? Do they still invest in artist development? And how much? I pulled three data points to try and get closer to the answer: New signings: How many new artists have the major labels signed this year? A&R spend: how much are the major labels spending on artist costs? Industry estimates: What do industry organisations estimate? musicben / Stvdio+