I work for a middling sized record company and I can verify that a million Spotify streams generate between £3,500 and £4,000, depending on the company involved. What the artist gets obviously depends on the deal but you can bet that anyone with pre-2000 deal is probably getting between 5% and 15% of that, unless they are a big enough name to have been able to re-negotiate. Modern deals can mean the artist getting a much more reasonable 30% or even in some cases, 50% of the revenue. Spotify also pay out less than Apple and most of the other services.
Streaming is one part of the income flow - there are also downloads (declining rapidly), physical goods (fast becoming a niche market but still there), performance (ie radio & TV) and what is called 'synchronisation', which is putting music in TV programmes, films, ads, games, podcasts), etc. To that you can add merchandise and live touring (which is obviously fecked at the moment).
The big acts, particularly US rap, hip hop and R&B acts, can still make big money from streaming, as do the likes of Dua Lipa, Ed Sheeran, Calvin Harris, Coldplay, etc. They regularly have tracks that stream in excess of 300 million times - 300 x £4,000 = £1.2m. 25% of that is £300k, so an album can easily £2m of artist revenue. The digital services (Spotify, Apple. Deezer, Tidal, etc) also pay a lesser amount to the writer of the song, which may also be the performer (or not!).
So the bigger acts still make a lot of money and the shitty acts who would never have sold physical goods, don't get streams and generate nothing, so no change there. The big losers are those acts in the middle where streaming hasn't replaced the 50,000 albums they might sold a few years ago. Therefore, they have to be cleverer selling limited edition and signed physical goods and maximising touring revenue. Obviously the touring circuit has been wiped out this summer, particularly festivals which provide a great opportunity to make some money and gain wider exposure.
Personally, I use Apple, as many here do when I'm running, travelling or even working and still buy CDs and vinyl. What I rarely do is to buy something I haven't listened to but I have discovered a mass of new music through the digital services. As someone pointed out the digital music services have been massively important in guiding people away from peer-to-peer piracy services. Yes, you can still get everything you want for free, but for most people, why bother when you can get access to almost everything for £9.99 a month. Oh, even after 10 years Spotify is still losing money hand-over-fist.