I used to run an indie public relations company that worked with, at one time, over 10 indie artists (as well as other clients). From my experience, the one that went on to release more than one album barely made travel costs back from their merch/CD sales/venues that would book them. I worked with them on their 2nd and 3rd albums, potentially their final album as I have not heard anything else from them.

This was back in 2009 to 2014, a completely different time versus today where artists have so many more options to get their music out there in front of fans.

The problem I ran into helping these artists were varied. Some venues (clubs, dive bars, etc) had signed exclusive deals with various size record studios to only push their artists. Many radio stations were owned, at least in part, by record companies and would only play songs from a small group of very large record labels; not signed to them, not getting air time. Same for attempting to get their CDs in stores - national chains only stocked CDs from several record labels, again, not signed, not getting on those shelves.

The few places that carried the CD's of clients I worked with did well with them. When they were able to get in a venue it was often a single event that got booked into at least one more showing at a later date.

Just the universe did not line up for them. I like to think if they were to try again today, they would do far better.