It all boils down to how you run your business. I've bought CDs from European labels that charge around €12-15, and about €9 for the digital download version and some even have a MP3 category for less, along with an album version, usually for around €19-21. So, yes, the artist still can make money the old fashioned way as it all depends on one's morals and ethics, and for some artists, this is their only avenue for getting their music out and they count their blessings as the major labels won't touch them. It's kind of like buying things on Etsy instead of Amazon.
If all artists demanded it, then things could change but all the world is doing is saying goodbye to the old boss and hello to the new one and depending on country of origin, they are stuck with the goofs in charge.
The more successful artists can tour to make old fashioned killer earnings but then the fans have to deal with jackholes like Ticketmaster. Not every artist can do that.
All the best,
Nonoise